Agree sime1. The 1.3 is based on past expenditure and is assumed that that expenditure rate will continue.
Management have stated costs will be dramatically reduced as technical studies are the priority now.
Furthermore these are not lifestyle directors running the show. They would of dotted the Is and crossed the T's when sorting out the loan facility so that they would have enough cash to get thru to the MRE upgrade and some of the technical studies are completed.
After that I'm sure they are hoping the market rerates the share price higher. Much higher.
Just my thoughts.
Cheers
Ann: June Quarter Activities Report and Appendix 5b, page-26
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