Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-2

Had a proper dig into ESR’s March quarterly cash flow and financials. Ran the numbers line-by-line like an auditor would, and everything checks out clean. Opening and closing cash balances match exactly when you factor in the placement funds and the drill program ramp-up costs.

The exploration spend looks consistent with the early fieldwork and drill setup they reported. No unusual payments to directors or related parties outside the standard salaries and consulting fees you'd expect.
No borrowings, no leases, no hidden financing arrangements either.

The only small thing to note is the timing around the $3.75m placement, with some funds likely settling late in the quarter, but that’s normal for a raise like that, and they disclosed it properly.

Big picture, cash is real, costs are lean, no dodgy movements, no red flags.

From a financial health and governance view, ESR’s running a very tight ship compared to most juniors at this stage.