Ann: Quarterly Activities Report - March 2024, page-14

Didn't get any form of breakdown on the spend, but asides a testy answer, no CR here this quarter response;

Question;

Looking like there is going to be a CR needed this quarter, not 6 quarters into the future Dean, 1.5ish on field activities and 2.5ish net of rebates, how much if any of the current drill campaigns have been funded from this spend?

What chance do we have of getting results prior to the need to raise capital and what was the breakdown of the investment activities spend thanks?

Answer;

Hi Mckhenry,Section 8.7 of the 5B is an equation, not a cashflow forecast. If you look back at Dec Quarter it said 0.52 quarters, Sep Quarter was 0.35 and Jun Quarter was 1.59. None of them reflect reality much less an accurate portrayal of anticipated cashflow. Simply current cash divided by previous spend rate. Take it up with the 5B requirements, not us. Section 8.7 was added in 2000 for what was probably well-intentioned reasons, and instead has brought us here to this question.

We do not anticipate the need for a CR this quarter, and plan to have results from current and future drilling before any requirement to do so. Also, within that time there may be other sources of funding through other activities.