Ann: Trading Halt, page-130

I think it is important to remember that we also own ground at Strelly and this is yet to be drilled. From memory NB has indicated in presentations or announcements that the drilling at Strelly will occur in 2016. Clearly an intensive drilling program to turn Strelly into Swiss cheese will cost money and I am thinking that maybe some of the funding raised now will carry us through the drilling at Strelly.

The DFS will no doubt cost money to complete and the funds from this raise may well be earmarked for this. I am also wondering if there may be plans to start the development process for the plant to be used at Pilgangoora. Indications have been that production could commence mid 2017 all going to plan. I have seen edtimates somewhere that it could cost around 100 m to bring Polgangoora to production and no doubt a good part of this funding would need to be for the plant. Given the possibility of production at Pilgangoora around mid to even late 2027, surely it would be necessary to commence construction of the plant in the near future to have it ready in time. Who knows, with thecurrentdownturn in work for mining support companies, maybe they have managed to get a good price to construct the plant during the quiet time for support services.

All IMO.