Ann: Quarterly Activities and Cashflow Report, page-2

Few keypoints :

- New licence granted in the Paterson province. Prospective for base metals and gold, with huge deposits relatively close.
- Nothing new on the Mt Alexander EM surveying side of things compared to previous annoucement.
- Review of the East Laverton project concluded that further exploration was recommended.
- Assays of the 2019 Mt Alexander drilling campaign available. I understand why the PGE focus now, some of these intersects have high PGE grade :
6m @ 10g/t in MAD152
4m @ 12.6g/t in MAD175
Very high Cu as well for both (4.8%) as well as 1.7g/t gold. It balances relatively low Ni content in most holes.
- Now the bad news : cash burn of 3.3m$ vs 1.3m$ of projected outflows in previous quarter announcement.
I hope this is due to prepayments for the new agressive exploration campaign.
- 4.3m$ cash @ 1/1/20 with 1.8m$ outflow expected this quarter. Leaving 2.5m$ at the end of the quarter.

It looks like there will be a CR in the second quarter. Probably around april/may.
Getting some drilling done and hitting some good stuff is needed to boost the SP before then.

Otherwise my orders at 11c and 10c will definitely be filled.