Yes, agree.
The appraisal work is planned to begin from October.
By then another 12M will be used up.
Leaving about 32M AUD left.
Convert 32M AUD into USD - depending on where the hedging is (if any);
At 73 cents......23.3 M USD.
At 75 cents......24M USD.
At 80 cents......25.6M USD.
At 90 cents......29M USD.
In addition to appraisal costs, there are administration costs (salaries and office expenses).
IMHO, its not enough - we need enough cash and a bit of buffer for emergency.
A CR is almost a certainty before the end of September.
Ann: Quarterly Cashflow Report, page-7
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