Considering the delay to production and all the additional work...

Considering the delay to production and all the additional work being done to try and achieve specs the cash holding would be getting fairly low by years end imo, $31 debt facility is fully used up . Might need to source additional funds via a cap raise until paid for production post commissioning and ramp up.

9. CASH AND CASH EQUIVALENTS At 30 June 2016 cash and cash equivalents were $12,785,147 (31 December 2015: $4,761,163) which included USD 1.0 million (31 December 2015: USD 2.8 million) representing $1,398,686 (31 December 2015: $3,823,970) of the total cash balance. Included in cash and cash equivalents at 30 June 2016 is $4,605,335 (31 December 2015: $6,200,000) in a collateral bank account set aside to provide the equivalent of two years interest on the Finance Facility from OL Master (Singapore) Pte. Limited (refer note 10).


On 24 November 2015 the Company executed a Facility Agreement with OL Master (Singapore) Pte. Limited for a secured loan of $31 million for a term of 3 years. Interest rate on the facility is 10% and fees to establish the facility included a facility fee of 8% payable in shares (refer note 13(a)(ii)) and 10 million warrants (refer note 13(d)). The facility was fully drawn at 31 December 2015 with funds of $6.2 million remaining uncredited to the Company’s account at that date. These remaining funds were subsequently received in February 2016 once a suitable bank account was established to meet the facility requirements. This account is required to contain the equivalent of two years interest on the secured loan balance at any time during the first two years of the facility. The account will also receive distributions from the Mt Cattlin operations of which 70% will be utilised to repay the secured loan and 30% transferred to the Company