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I disagree, it has to be closer to $20+ mil as there were no delays with the drilling.

Taken from their last quarterly report -

At the end of the quarter, the Company had net cash reserves of A$14.626 million which included the US$3 million currently in Morocco recognised as cash in the quarter due to the release of the bank guarantee. The Company’s cash balance does not include the reimbursement of US$7.5 million in back costs under the FOA as these remain as a current payable and are likely to be netted off against Tangiers’ share of the cost of drilling of the TAO-1 well.