Ann: Annual Report to shareholders, page-3

i believe the bulk of the $1M you're referring to is made up options exercisable at 30c or so in the future. These are non-cash items and is the reason why you'll see them added back in the cash-flow statement that ties to the net loss declared.

For the first year being listed, you are going to expect signifcant costs IPO related. Approx 30% spent in exporation...seems reasonable. Refer page 16 for directors fee pool capped at approx $500K per annum.

Approx $4M (or 12 months to spend). Definite CR in the next 6-12. Latest drill results soon pending plus the the short term realisation of the inferred 64K at JR, which will all form part on the next investment case for CR.

Theres possible redemption at Mt Palmer & will show their skill & experience as they've admitted it to being a complex structure.