Yref, I know you speak to the company. Can you please enquire...

Yref,

I know you speak to the company.

Can you please enquire what the $10M spent on exploration & evaluation in Q3 was actually spent on, as I can see nothing that would warrant such expenditure other than renewal of leases.

I've also just been looking back through the last few quarterly reports, the half year report (see note 5) & annual report (see note 15). By the looks of it, there was only A$25M or so outstanding on the Macquarie facility as at end September.

That would mean $22M of the $50M received was required to pay it off Macquarie.

Leaving them with a good $25M still to play with, or close to A$30M, so they should actually have a lot more firepower even after the A$5M on shares & A$3M on notes to do things with, oh better remember its bonus time & they've done such a good job at creating shareholder wealth better write off another A$3M to cover that.

That leaves A$19M, easily enough to complete the other 14M share buyback @ A$3M and reduce the notes by a further A$2M before the end of the year (if they can get them for A$1.90 or less per note). Then they can start a new 10% buyback program next year, 23M shares won't even cost A$5M at current prices.

Thanks

LOTM