Ann: Quarterly Activities Report, page-32

The poor results from the quarterly report did not help the SP today.. To the naked eye we are producing gold on an oily rag.

The 521k bank balance was eroded by operating activities. Exploration and evaluation from the previous estimates was doubled (actual 395k – estimated 200k). An increase to administration and corporate costs of 92% (135k) against the same quarter last year (70k). There was little to no income (mainly a loan paid by the director at 20% interest). Laneway did estimate a cash outflow at 500k however we spent 785k (reduced by the use of the directors loan (294K)). The bank balance is now 30k only.
The positive is that the income will substantially increase and with the agreement with Maroon Gold the cost to produce is on them. The estimated cash outflows for the next quarter Is 500k.
On current production results we will see a heap of cash in the bank come EOFY and a SP that we want to see. Hold on everyone GLTAH