Ann: Receipt of Fifth Funding Instalment from ARENA-GNX.AX, page-2

Last quarter they had a burn of around $1.9 million.

They have received around $1.99 million in funding this quarter.

I expect their wont be much of a cash burn then this quarter, I would say around $6.7 - $7 million left in the bank.

At a $2 million a quarter burn rate (keeping all else equal) that gives us 2 quarters until we would have to think about raising money. The solar project will have kicked off then given project financing is meant to be finalised on Q4 this year and construction on Q1 2017.

I think we wont see an operating cash capital raising but will include some extra cash in the project raise for ongoing operational costs.