Well, I guess I should have realized the quarterlies were coming...

Well, I guess I should have realized the quarterlies were coming out when I wrote my previous post. This adds some useful information that I will comment on here:

-Monthly cash burn rate is down quite a bit compared to the previous quarter. We're looking at just under 240k AUD, which is ~80k AUD/month. It seems great...until compared with the June 2015 Quarterly, where they are within ~30k AUD of each other. I am glad "administration" is down and hope it stays where it is. But I really hope "exploration and evaluation" comes down over the next few quarters. See if the monthly burn rate can get closer to ~60k-70k AUD/month...seems like it could happen.
*ONE IMPORTANT NOTE - I will need to confirm with management. But I currently assume the 50k USD from the back-end of the Newcrest Binding Agreement is NOT part of this. That would equate to ~65k AUD in addition to the 227 AUD "cash at the end of the quarter", which is very significant! This confirms what I mentioned in my video about how it would be great if TAR can continue to get these types of payments in future JVs, to minimize dilution from expected capital raises. Whether or not we add the ~65k AUD, still looking like a capital raise could happen anywhere from ~1-3 months from now...but I really don't know.

-Drilling for the Resolute JV is commencing a bit later than I expected. Major augur drilling for the Newcrest JV is inline with my expectations. I assume that "to be complete in the March Quarter" means that drilling will be completed by the end of March 2016 AT THE LATEST. This could also imply that announced results will come the following month. Therefore, I am not especially optimistic that we will receive results on ANY drilling prior to a capital raise. On the bright side, it's clear that A LOT of work is being done on both JVs, and I look forward to future NRs related to them, whenever they are released. At this point, I could see drilling results released very close to each other (or simultaneously) for the projects, which could add to the excitement.

-No mention of a possible 3rd JV in Cote d'Ivoire (and limited info on the Mali projects for now). I am still holding out that the game-changer for TAR prior to possible capital raise is a 3rd JV. Nothing has changed in my mind related to this, and you can see my previous post and video for comments on that.

Overall, the TAR quarterlies have been helpful. Would be interested to hear comments from anyone else (also, I may have missed something or made an error in analysis).

MBG