Ann: Quarterly Activities Report and Appendix 5B, page-38

As I said before, there's no way I can see anyone lending them money.

If the Chinese loan them money it will structured as "a loan to own" - translation they make the loan secured so any default results in the Chinese owning the asset.

This is grim make no mistake. They need cash this afternoon - IMO they are clearly insolvent given the unpaid 12 month termination clause in Stavely's contract.

I only noticed just before that Mahe Capital did the last raise at 2.5 cents. Been a disgraceful result for their investors although it doesn't surprise me as I've never really seen their name attached to anything good. When they announced the rights issue on the 30th October the stock was 3 cents. It's subsequently lost 77% and despite aiming to raise $3.2m they only raised $1.7m so they were $1.5m behind the 8 ball from that point. Sad thing is even if they'd managed to raise it the bulk of it would've gone into Stavely's pocket.

IMO the whole thing is disgraceful and the way certain things were slipped into the quarterly is pathetic and demonstrates how pathetic the ASX can be as a regulator.