Ann: Appendix 3B, page-4

The way the deal from blue sky was structured with the options including Glnoa from a self funding aspect is brilliant. I say that in circumstances where small caps are finding it very hard to raise in the current climate, but that is not an issue for us thanks to the options been a self funding proposition.

Marked A is the glnoa, there are still 10.8m of them to be converted. I would be thrilled to see those all converted to mitigate the fee to BW. Ultimately upon conversion there is another $1.51 million to hit the coffers by the end of the year.

Marked B  are the unquoted options expiring in November next year.  It’s fair to assume based on that which we know now that they will be converted raising another $525,000

But wait there’s more as Tim Shaw would say, at the end of next year if all of those unquoted options are exercised there will be another $3.5m in the till.

Accordingly;
- we have raised around $800k in option  conversions in the last few weeks
- another $1.5m to come in the next 2 weeks
-another $500k to come next November
-another $3.5m to come around this time next year

That’s funding of about $2.3m this year and $4m next year !

I don’t think I have seen such a well thought out self funding arrangement  in my time investing.

I’m guessing that in the next quarterly due in January that we will have about $2.5m in the bank.   More than enough for a great start to 2019 for payment of drills and assays.