Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-48

For the 5b the Renard payment is inflating the relevant outgoing numbers a little impacting the quarters cash on hand. This was a one off yet goes in the calc.

For exploration and evaluation I had originally pencilled in $7m for the March quarter and was told too much. Mmmmmmmm...

Looks like they are stating less rigs but does seem a little contradiction on this. The studies and due diligence are likely to cost more than most anticipate.

I am probably being generous with the admin and staff costs, lower than this qtr.

I think they can go through until close to the next 5b before another raise is required, possibly after if they can trim Exp & Eval back closer to my original thinking of around $7m.

Rough estimates below.

I don't see a sector rebound coming anytime soon. The last major sector pullback lasted around 800 days, which takes us well into 2025.

IMO no hurry to deploy coin quite yet.