29.9 Million in Cash as at end March qtr 2023, page-5

Incorrect - you haven't taken into consideration the different currencies (let alone cash burn during the current quarter).

BRN had US$17.7m cash at the end of the March quarter. The AUD$12.2m (note: US$8m) from LDA will be reflected in the June 4c. This equals approximately US$25.7 (exact conversion rate is unknown, I've used today's 0.67).

With a $6m cash burn last quarter, we can assume the same for the June quarter - if so BRN will have around US$19.7m cash remaining in the June quarterly. I've used last quarter's cash outflow as a conservative measure, though the company stated this was higher than usual so it may well come in at less (more cash remaining).

Given that BRN made a US$22m loss last year, we can assume that the current cash will keep the company afloat short of a year before further capital is required. The question remains as to whether now, or some point in the future, is better suited to raise funds.

The LDA capital arrangement is not likely of advantage for holders (AFR article below). When LDA sells it can put downward pressure on the share price yet they still make their margin.

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