Ann: Quarterly Activities Report and Appendix 5B, page-2

Management continue to tick boxes, now 1.5m oz in the bag with easy line of sight to 2moz with an EV of $35-40m ($55m MC minus cash and novo/smartset shares).
Still a pretty strong cash position of $5.7m with an additional $3.5m available via Novo Shares (out of escrow this quarter). Estimate is 2.2 quarters of cash available EXCLUDING the $3.5m NOVO shares which would provide another quarter on top of that. Not ruling out the possibility of someone taking a substantial interest in us before the real growth begins and the cash balance reduces.

Lots of info in there but summary as per below:

1. Yandan phase 1 drilling results within the next fortnight (as expected)
2. RC Drilling program at Leven Star - Malmsbury to commence within the next 8 weeks (nice little new update there)
3. Good to see White Dam finalised today, look forward to ramp up and increased cash flow. Sounds like they have a clear plan here with assays expected next week or so to add to inventory.
4. Cloncurry activity on the ground to start within the next fortnight also.
5. GEES trend looks promising with 4 holes planned here and already pegged. 2390m of drilling planned and pegged at Illamahta also.
6. Twin Hills drilling to follow once access available.
7. Eugenia and Koala drill programs planned so expect these completed in next quarter or two also.