Ann: Quarterly Cash Flow Report, page-3

The sale includes progressive payments, most of the cash is yet to arrive, see below -

Sale of Speewah Project
During the quarter the sale of Speewah Mining Pty Ltd, the owner of the Speewah Project, to Tivan Ltd was completed on 11 April 2023. Pursuant to the Binding Term Sheet, the Company received the first component of the total sale proceeds of A$20 million as follows:
- A$2.5million cash; and
- A$10million through the issue of 100 million ordinary fully paid shares in Tivan Ltd at a deemed issue price of 10 cents per share. These shares are subject to voluntary escrow for a two-year period.
The deferred consideration of A$7.5million for the sale of Speewah Project is owing to KRR on the following terms:
- A$2.5 million on Tivan Ltd completing a raising of no less than A$2.5 million; and
- A$5 million to be paid 12 months after execution of the Agreement (dated 17 February 2023), or,
if the payment of A$2.5m above has not been made at that time, A$7.5 million must be paid 12 months after execution of the Agreement.
The deferred consideration of A$7.5 million is secured by a general security deed.

The good news is that Admin and Director fees are relatively low compared to most other companies i know. Looks like management are aware of the situation and controlling themselves until fortunes reverse.

IMO we should see TVN send an additional $2.5M when they raise in the next few months, if they don't raise then we just get the $7.5M instead of $5M by 17/2/24, just in time for our secondary drilling program. Current cash position of over $3M is more than enough to get the initial drill program going.