Ann: Quarterly Activities and Cashflow Reports, page-9

Overall a pretty positive result. Based on this it’s pretty likely they’ll get funding away. Management seem to have focused on and solved various significant issues pragmatically and it to a large extent explains the delays and funding issues.

Squadron may just want their money back because they see greener pastures elsewhere - doesn’t necessarily mean they don’t like CTL.

Biggest plus is it looks like the gold is there - this could quickly turn into a very positive story. They’re getting the throughput - it’s all about the small margins - grade, recovery etc