Ann: Quarterly Activities and Cash Flow Report 30 June 2020, page-49

It could certainly go either way Auto but Mel has never come across as someone who likes uncessary dilution and if he feels they can get away without it then it won't happen. I'm confident RVR is In a position to can carry some debt and the repayment due in Sept will be replaced with another facility or arrangement.

Given the fact that if the inventories carried forward into this quarter had been sold in the June quarter the cash burn would have been more or less non existent.

There is a high likeyhood that development costs at Far West will be reduced this quarter and will be spent at Hillgrove instead , the $5m start up costs can be spread over two quarters. We know they started this quarter with all their commodity prices considerably higher than the start of the previous quarter so that's a big help.

The bottom line is if they can get production up around the 90-100,000 t for the quarter and price's remain firm they should be ether adding cash for a change or reducing / maintaining debt evels...there are always a lot of IF's involved in mining...



Cheers Whisky