Quarterly Report. MD told shareholders that the Copper Sulphate...

Quarterly Report. MD told shareholders that the Copper Sulphate production would cover expenses. Was never going to happen. Proof is in the pudding. Equivalent to only 116 ounces gold. So brace: So here laid bare: Costs for the quarter for operating expenses: $3,986,000Exploration and plant costs: $4,140,000. Total costs quarter was +$8m for Production of $351,000. Must be a board of red faces putting that quarterly out. Forecast 160-300 tonnes metal next quarter. Must pull numbers from their RS. Cost of exploration was 7 times the revenue fromCopper. At the end of the last quarter TNC only had $3.49m. During the quarter TNC used it all, plus $7m of their $9m loan facility, so after spending $10.49m Only have $789,000 in the bank with only $2m loan facility left. So as I forecast either capitalRaise before Xmas or wind it up. It’s got to be one or the other. El Niño massive wet this quarter for Cloncurry. Better downgrade forecast copper production. Just tearing up money. This lot in my opinion never had legs from day 1. What now? Anyway as always do your own investigation.