While I agree that this quarterly report is disappointing - we...

While I agree that this quarterly report is disappointing - we have much more than two years at current burn rates. From the (NZX) quarterly we have:

1) h) YTD cash decrease $1,062,637
4) a) decrease in cash from quarter $430,508
4) d) cash at end of quarter $6,027,781

14 quarters remaining at current quarter burn - or 4 years at YTD (.75 of year) rate.

However we are expecting cash burn to increase - hopefully alongside real development. Expected outlay for next quarter (ASX) is $531,650. Still gives 11 quarters or closer to 3 years than 2.

Aside from that there are also options still to be converted - but this would only realistically occur if sp rose (on the back of some good news).

119,851,516 A$0.02 or NZ equivalent / 28 November 2017
$2,397,030.32 AUD * 1.04 = $2,492,911.53 NZD

1,250,000 A$0.011 or NZ equivalent / 13 February 2019
$13,750 AUD * 1.04 = $14,300 NZD

4,500,000 A$0.011 or NZ equivalent / 13 November 2018
$49,500 AUD * 1.04 = $51,480 NZD

Total $2,558,691.53 NZD at current rates.

Additionally bulk sampling will provide funds to the company when it proceeds. May not be break even but will slow the burn rate.

I wanted more details on Amer from this release... but good to see NTL isn't rolling over to them.