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

Is G6M close to needing to raise funds again?

Looking at this Sept 23 quarterly

Cash at start of quarter - $9m

Cash raised via CR in quarter - $4.3m

Cash borrowed in quarter - $8.95m

Cash earnt from Concentrate sales - $0.78m

Cash at end of quarter - $3m
=Total outflow for the quarter = 9+4.3+8.95+.78 -3

=$20m

/3 = $6.67m per month spent

We are halfway through the Dec quarter. 1.5*6.67m=$10m
Cash at start of this quarter = $3m

Cash added from bridging finance $8m

=$11m

So if everything is equal they would only have a few days of cash left currently. However if costs have increased they would be very close to out.

Debt has increased since last quarter

Interest rates have increased since last quarter

Staffing has increased since last quarter

AND it is expected plant utility will have increased (hopefully!!)

AND it is expected mining output will have increased (hopefully!!)

There was $1.3m in deferred sales which will come in this quarter. But again it’s less than a weeks losses at last quarters spend.