Ann: Becoming a substantial holder, page-13

We need to cut costs, get money in the coffers, get cracking with Federation using the $80 million available (46 cash, 13 from base metals unsold at end Q1, 20 undrawn loan facility), take any SPP off the table and the price returns to the 20s. A month to go to end of Q2 and hopefully with all the proper moves since end of last quarter we have an additional 10-15 million in the bank. If the total cost for Fed is the $106 million previously slated on this forum we only fall $10-15 million short and we won't be spending the $106 million tomorrow. What we are now saving by things like not trucking ore to surface at Kairos (that was dumb in the first place), by reducing exploration that blew out from a normal annual amount of around $15 million to $31 million last year, just shows how we didn't plan properly to get Federation funding shored up. It was the one thing we needed certainty around. Anyway the guy has left so maybe it is just a matter of being smarter and we get back on track.