Ann: Quarterly Activities Report, page-2

Cash at 31st March was $1.54m
Received a further $1.24m in April
Total cash as of today (without deducting April expenditure) is $2.78m

Total projected cash outflows for this current quarter = $2.44m. So if it weren't for the options they'd be out of money by the end of June?

They expect a further $6.8m total from the remaining options, provided they're all exercised by May 31st. If they continue spending like this, without expanding further, we can expect them to have less than $2 million in cash by the end of this year, which is less than one quarter of cash based on their projections.

My personal opinion is that I don't expect any off takes to come through, so my call for a Capital Raising by the end of 2017 seems to be well on track to becoming reality. At the absolute latest they'd have to do one in the last quarter of calendar 2017. However if they're responsible, they'll do one earlier. I always assumed once the cash balance dipped below $5m it would be a good idea to get out in front of the uncertain, probably falling SP.