$48 million in the bank in quarterly, page-32

Considering the somewhat abysmal conditions the aluminium industry is currently enduring, not to mention the market as a whole, I'm personally not that worried that they're sitting back and taking it easy with their expenditure.

Last quarter they increased their JORC compliant bauxite resource by 172%, and with the JVs and interest received etc, only expended roughly 500K for the quarter in doing so, including all the admin costs. Unlike many other small caps they are exceptionally well funded and do not need to come to shareholders any time soon to keep the company afloat. I'm sure the majority of small caps out there would envy their position.

What I don't understand however is why there's so much of a hold-up over the Aurora project near Bindoon and why other DSO options can't be progressed concurrently? Okay the Bindoon residents are resisting that project....so what's to stop them progressing a similar proposal at the Felicitas resource at the same time? To my knowledge, the PER process only contemplates the Bindoon proposal so just do it somewhere else, not like they're starved for options. Or am I missing something?

I also admit that I would like to see some more effort on the acquisitions front. With the market the way it is, there's a fair few companies out there with viable projects that could be taken out on the cheap currently. Yet from the sounds of things, they haven't even considered opportunities of this nature.