Its an excellent question and one I posed to Lachlan.He could...

Its an excellent question and one I posed to Lachlan.

He could not say. I then asked it it would be "millions" and he said Yes.

There is no fixed cost as it depends on how many holes they decide to do - which depends on what they find. There are also variables around how difficult each hole is to drill.

So my guess (and I have no expertise in mining or any special knowledge of Hillgrove) is

1. We need the cash we have to stay in business until the middle of next year

2. We need to find funding for the drilling

This might take the form of
a. A govt loan or grant.
b. A raising or placement of say 20% of issued capital
c. A partner providing the drilling on the expectation of future reward from the mining.
d. A commercial loan secured on one of our assets.

Any of these sources should be sufficient to find the money or a combination of these.

I don't think funding from our working capital is viable as we have to stay in business.

Given our current liquidity runway ending in the middle of next year< lachlan must get drilling going soon else we could be in trouble with working capital.

The next 3 months will be critical.