Ann: IN SITU EXPANSION STUDY DELIVERS STRONG VALUE ADD POTENTIAL, page-9

Perhaps I did study English in a different schooling system. However hard to infer anything other than what I stated above.

They have A$100m working cap facility which they won't be able to use for general expansion. They are forecasting $1m of cash outflows for the next quarter based on previous assumptions which are probably not based on current mkt prices. and they have a $51m cash balance.

To assume that they could do this expansion without raising capital is not reasonable.

Appears market agrees.