Ann: Quarterly Activities Report & Appendix 5B, page-9

That's not technically correct - CTP have been cash flow positive for years.

This last report demonstrates they paid down debt with the excess cash flow from operations. Negative draw down of cash over the quarter shouldn't be classified as cash flow negative, given discretionary spend like debt repayments and exploration amounted to $1.5m over the quarter.

The take or pay agreement with the NT Government will provide just over $5m per quarter in free cash flow. That's a good chunk to go to drilling, with plenty of cash in bank to cover any excesses.

Fortunately they won't go drilling on their own, derisking exploration through our JV partners whose timeline has this starting imminently.