first day of november trading, page-32

Balance sheet wise, we have a high asset vs debt ratio.
At the moment, we have 0 debt, and 5.5mil cash (tangible asset) and intangble asset being our SEYCHELLES project and the Gazettal project; value of those two projects will be clearer when the NASI report comes in and finally the farm out deal; nonetheless, pretty healthy indeed.

Cashflow wise, 3rd quarter with 3mil(78.9%) was spent on exploration and evaluation, which covered SEYCHELLES option buy back, mapping and interpretation of the SEYCHELLES 2D data, physical and virtual data room set up, NASI engagement etc etc, this was outlined in the activities report, please read carefully.
The next quarter's focus would be farm-out negotiation and further development on the WA project, hence the coy forecast a 1 mil admin cost and 700k on exploration and evaluation since the major expenditure on our flagship project SEYCHELLES had been incurred and captured. The remaining 5.5 mil could probably run us through 2012 if the farm-out deal is completed on schedule.

This has translated to me that money had been well spent and management has a good planning skills and strategy.

All looks good to me from a financial point of view.
Let's get the farm-out deal complete and then we would be hugely powered up!