Accounting technicality I presume. The annual includes a ~$600k loan from the JV which has consistently not been shown on the 5Bs.
$2m cash required for Xanadu in the very near future, plus $1m of shares. $1m payable on an independent appraisal will likely be waiting on 3D for better data. Mt Horner doesn't appear to have timeframes attached at this stage so no significant cash down within 6mths is my guess.
Ann: Quarterly Report and Appendix 5B, page-9
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