Ann: Quarterly Activities and Cashflow Report, page-16

I only got fearful when it hit me that we might ran out of cash before we even get an approval. Then I got angry when it dawned on me how much money we have spent and how little we have to show for it. Does anyone know how does rxm cu grade compares to other active cu miners?

In terms of write off of exploration costs. I found out what happened when I was digging through the old financials. That "write off" happened in the 2015 financial statements. In fy09 to fy14 financials all exploration costs were reported as an asset so our balance sheet looked awesome with 200m+ showing as assets.

And then in 2014 they realised there's no way we will be able to build a 900m mine like we originally planned. Or in other words this asset that we have is not worth nowhere near as much as we thought. Usually when u realise that asset is not worth anything anymore, you are supposed to impair it and show it as a massive loss in the P&L. What these guys did in 2015 was dodgy as f****.

They basically said "oh that 190m asset that we have been reporting for the last 4 years, we are 'changing our interpretation' of the accounting standards and we are going to restate our old financial statements as if we never had this asset in the first place...But we are not going to actually expense it... this is not an impairment... we are changing our interpretation ".... what a lot of bull. How the hell did asx or accc not jump on that is beyond me. once again this is just my personal opinion.