Ann: Update re Bank Guarantee Facility, page-4

All very relevant points Gary50 - though don't forget to back out the payables in that analysis.

Turn to the next page in the annual report. The cash flow statement;

Negative cash flow from operations: $32m
Deduct interest payments: $5m
Net cash used in operating activities: $37m

Then you need to look at how much cash they consumed from capex, exploration, stripping etc: $53m

So cash burn is about $90m over the last 12 months (and it was $74m the year before, so it wasn't an anomaly!).

Even if they find a party to pony up the funds to replace the ANZ facility (it won't be a bank, and it will be on painful terms) - and that may be a big if - then at the current burn rate, they are out of cash in approx 6-9 months.

This doesn't look like a hassle, and I would suggest that it is material.

And again - you certainly wouldn't get that impression from reading the CEO report.