Ann: Quarterly Cashflow Report, page-6

As at 31 December 2014, the Company had cash on hand of $US58.6 million ($A71.5 million).

The FS is expected to cost approximately $A20 million, with a total of $A7.4 million having already been spent at the end of the December quarter, primarily on the infill drilling campaign and in line with the budgeted program

Expenditure to be incurred in the first quarter of 2015 on exploration and evaluation activities is forecast to be $US3.2 million. Expenditure to be incurred on administration expenses in the first quarter of 2015, net of interest received, is forecast to be $US2.6 million.

Blackthorn’s four Northern tenements (Poa, Guido, Seboun and Sepaogo) have been conditionally sold to Glencore for $US2 million. Settlement of the transaction has been delayed due to changes in the political leadership in Burkina Faso, which have now been resolved. It is anticipated that the transaction will be settled by 28 February 2015

Means, cash end of 2015 approx:

Cash 31.12.2014: US$ 58.6
Complete FS: A$ 20, already spent A$ 7.4m= A$12.6 to be spent = US$ 10.3m
Expenditure Q1 2015 US$ 3.2m + US$ 2.6m = US$ 5.8m
Expenditure Q2-Q4 (assumption) US$ 7.5m (3x2.5m)
Sale of Burkina Faso tenements: US$ 2

Cash End 2015: US$ 37m or A$ 45m : 370m shares = A$ 0.12 per share

MUMBWA EXPLORATION, ZAMBIA (Intrepid 100%)
Targets generated during 2014 are shown against the exploration licences in Figure 3. RC drilling was completed at Target F and Target H on Induced Polarisation (IP) targets prior to the onset of the wet season. Results on these are pending.
Further drilling on a range of targets including Kakozhi will be conducted during the next field season. These targets will be part of a program to be conducted throughout 2015.
The Company is currently conducting a full target review and ranking exercise incorporating all new data including IP surveys at Kakozhi, Target H and Kantonga as well as over 2,500 soil geochemical samples collected over all five Mumbwa Project tenements.

Conclusion:

Current SP is including more or less all expenses 2015 and is reflecting cash in the bank end of 2015 and is therefore in my view reflecting a possible worst case scenario.

Means:
Negative outcome of FS (e.g to high production costs and therefore project not profitable at current CU price levels).
No exploration success – means no further findings of CU or whatever – no extension of deposits or adding of deposits to Kitumba.
No recovery of the CU price (as expected in the 2nd half 2015).

So in my view downside is probably fully priced in. Upside (positive outcome FS, drillings results, better CU price forecast etc.) not.