Ann: Appendix 4C - quarterly, page-13

Just a couple thoughts from a beginner trader on the financials -

1. Staff Costs have increased 233% over Q1. With $602k being spent in Q2 compared to $258k in Q1.
I wonder what could be driving this increase? Could it be that they are ramping up operations for the next stage or could they just be paying themselves more? Estimating to spend $518k in Q3

2. They spent comparatively less in projects and development in Q2 ($100k) compared to Q1 ($286k). Would be interesting to see what that comprises of. Although estimating to increase this amount to $352k in Q3

3. Proceeds from shares have mostly been completed as of Q1

4. Share options of $1,256K were exercised in Q2

5. Admin and Corp costs forecasted to increase 58% in Q3 from $357k to $563k.

If staffing and admin/corp costs are anything to go by it looks like they are expecting more work - which one could assume is a sign of big things to come.. however without visibility or sound explanations it remains just an assumption.