Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-4

I've only had a brief read but looking very positive and addresses the concerns raise by some on these forums

"Bardoc has received indicative debt funding proposals from multiple high-quality financial institutions. Given the highly competitive nature of these proposals, the Company will now proceed to short-list potential lenders ahead of a Final Investment Decision (FID) for the project development targeted for later this year."

This is a common theme in the industry. Bellevue announced a few weeks ago multiple non-binding offers of finance. It is clear that there is a substantial amount of money chasing limited projects that can earn a decent return in this low rate environment.

"The Company also progressed key project optimisation strategies aimed at streamlining the mining and production schedule, growing the production rate and improving project economics and returns. Further updates on this optimisation will be provided in the coming weeks."

I particularly like this and suggests that we can expect a substantial increase above and over the current estimated 135,000oz a year rate. Commentary made in other media suggested up to 180,000oz a year which is now looking increasingly possible.

"We have also had a great response to the tender process for the Engineering, Procurement & Construction (EPC) contract for the construction of the 2.1Mtpa gold processing plant, with a review of the submitted tenders currently underway."

Good to see that the wheels are in motion with this as it does take some time to construct the plant. I would expect to be seeing announcements regarding the awarding of these contracts in the coming months.

"In parallel with these important work programs, we have also continued our aggressive drilling and exploration programs, with the bulk of our activities over the June Quarter focused on the key Aphrodite deposit – which will provide baseload ore feed for the Project."

"We also have drilling underway at the Zoroastrian deposit aimed at extending the known highgrade gold lodes at Blueys South and Zoroastrian South, with assay results from this program expected during the September Quarter."

I am happy to see that the company is focusing their dollars on developing the two large resources that will feed the plant. There will be time to look further afield later on.

And finally, it's good to see the company still has A$12.88 million on hand. There should not be any capital raisings until the FID and the "big" raise which i hope will only be small with the project primarily funded by cheap debt.

A very good report and should hopefully calm some nerves here.