Ann: Quarterly Activity Report & Appendix 4C, page-15

The agreement started on 1st January, so not even a month into the next stage. Short Loop analysis to happen first. Ordering all supplies already is interesting - it means they have everything well defined from that point of view, not expecting short loop analysis and pre-fabrication activities to change what they need to make PL5.

Options exercised pays the bills for operating activities during the quarter, so not drawing down on that war chest except to pay for the upcoming lots, which will cost about 3.3 million AUD. More options were exercised in January so that's good for the company - low risk of a cap raise for the next year, or at least until the specs from PL5 and 6 are known.

Hopefully the performance specs from PL4 and upcoming PL5 and PL6 make Peter's job easy.