Ann: Quarterly Cashflow Report, page-2

A few comments:

1) One of the most underwhelming reports I have read in a long time. Sure doesn't inspire confidence that they are onto a great project here. The short term target is 500,000oz (to 60m). Surely they have enough drill and assay information to have a rough number at this stage. Wonder what they are standing on 100K, 200K, 300K ounces? Suspect they are still a fair way off if they need all off 2016 to try and reach the target.
2) No mention of the barge (following the announcement on 1 Oct 2015 that the sale had been finalised for USD2M). There are no payments reflected in the cash flow statement either. This should be of concern to shareholders as it was supposed to fund much of the exploration. Has the sale perhaps fallen through?
3) Cash again down to critical levels. Spent $369K on exploration and $194K on Director salaries.
4) Remaining cash = $330K (burning $100K-$150 per month so probably now down to ~$200K or so). Remaining cash is equal to projected exploration spend in the next quarter (with no funds for salaries and admin). Indicates why the recent sale was so critical. The $200K cash payment will disappear quickly though.
5) The fact that Kingsgate elected not to participate in the funding of the next exploration perhaps illustrates their view on the project. The real test will be to see if the new JV partner has any appetite to participate.

So how will they keep the ship afloat?
No money from the barge on the way as they surely would have mentioned this. Can only be another cap raise or selling some of their listed investments. Or do they have any other projects they can try and flog.