Ann: Investor Presentation - January 2022, page-28

For those who don't understand or know how to interpret financials in a presentation.

When they said they have $5.6M left in the bank. Read the fine print at the bottom of the page, reference (2).

Yes, that is correct, the $5.6M was in relation to a cash balance as at 30 Sept 2021 (Not 31 Dec 2021)

Since then, the company have had months of drilling, evaluation and running costs.

Right now, the company would be running on fumes - possibly have $2 to $3M cash balance left.

That's why they need to raise capital ASAP.

And this presentation, for those who have had experience from such events, know its a prelude to a CR.

No current holder would want the company to raise unnecessarily.

But they need to do this - to keep the company viable and complete the huge drilling program ahead.