It is not feasible to work out the joint venture partner’s share...

It is not feasible to work out the joint venture partner’s share from the quarterly (it is cash basis summary). The last quarterly had JV paying more than the exploration cost. The FY report mentioned that they had $12.8 million exploration cost payable as at 30/06/22. That payable must have been cleared in this quarterly and some of expenses this quarter would have been accrued (could be $13 million or more). The operator (MAY in this case) first pays the expenses and then asks JV for reimbursements. Our cash position is really $45 million - accounts payable as at 30/09 + JV reimbursement. So the actual cash (if payables are reduced to zero) could be between $35 to $45 million