Hi agent, I don't think that I said precisely that. SBR has...

Hi agent,

I don't think that I said precisely that.

SBR has about A$2.7m, so it isn't at death's door.

A$8m was raised on 22 August 2012 and Tim Putt was appointed CEO. The funds were raised for the purpose of following up the initial Guchab drilling. The initial focus cannot be criticised. However, at some point between then and 29 November 2013, the date on which Tim resigned, the strategy may have been challenged by the two geologists. Since then, there has been a notable lack of activity.

They had "in excess of A$5 million" remaining at 30 September 2013. Between the publication of that quarterly and the end of November of that year, there appears to have been a "falling out" - but between Tim and whom?

Looking at the release on 13 November 2013: "The geological and geochemical results received from recent drilling also indicate that the structures hosting mineralisation have changed in orientation and as such drill hole GCDD0043 did not intersect mineralisation.. Sabre is undertaking a short program of reconnaissance drilling at the Eisernenhut prior to the commencement of the wet season"

The resignation of Tim shortly after the release of that update suggests that he disagreed with the strategy.

They also experienced drilling problems at Kaskara prior to that.

There has been some poor decision making and a mismatch between the quality of the equipment and the difficulty of the terrain chosen to use it on.

At some point during the last 2 years they should have called a halt on Guchab and reconsidered how best value could be extracted using the cash remaining. They may be doing it now but the Company would have been in a far better position had they done it a year ago. Little has been achieved in the last 12 months and they've spent A$1.06m in admin and A$2.4m on exploration.