Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-3

I would also add the absolute stupidity of expanding mining and stockpiling ore 50% above (318kt) of what was required by stage 1.5 at about 220kt for the past two quarters. Their own graph. Like why would you do that given lack of cash... what were they hoping for?

So they had $463k in the bank, and no access to any other resources with the bank refusing further draw down on the debt facility. Essentially, we have $9mln owed to bank secured over assets and $20mln owed to the only logistics provider in the area (consider it to be secured debt of sorts).

No one in their right mind would tip into the capital raise. The only logical outcome here is short period of voluntary administration post 12 February, followed by liquidation, wiping out the current shareholders, followed by selling of the assets or recapitalisation. That can be achieved with $35mln (30 to NAB and Aurizon + 5 for working capital). May also be that someone will get the whole thing for $10-15mln. $5mln would go to working capital and $10mln towards reducing Aurizon liability.

Who knows maybe Chrisp resigned in August to become a white knight in shining armour and will pick it up for $10-15mln