posing a few questions re. abm

Hi all,

I have been doing a little more research on ABM and am hoping to have a rational discussion relating to cash burn forecast, mining license and how that will impact on stage 2 start up time.

This is what I understand as of today:

1)End March quarter ~ $10.8m cash on hand.

2)June quarter cash burn forecast (from company) ~ $4.6m (includes trial mining).

3)Forecast cash on hand end June ~ $6.2m

4) Sales of gold from trial to be booked in Sep qrt. ~ $3m

5) Forecast cash burn for Sep. qrt = unknown at this time (Company cannot disclose as yet) .... Assuming (open for discussion here) continued exploration expenditure as per recent quarterly history then **potentially** the cash burn could be ~ $4m for Sep quarter

6) If assumptions are correct then ~$5.2m cash on hand end of Sep.

7)Mining licence for stage 2 "hoping to be granted this calendar year" ... so hopefully by December but obviously company cannot guarantee this as it is out of their hands.

Looking at the above is it reasonable to say that cash may be an issue before stage 2 is up and running and gold sales booked?

PLEASE do not see this as down ramping as the general market is doing a fine job at supressing prices.

ABM seems to have a LOT going for it re. all in cost of $511 (as per slides), stage 2 forecast to produce 140k oz. over three years so ~ average $54m profit/PA at current prices (less exploration costs).

So, trying to be objective here, I see a lot of potential in ABM but am a little concerned about the need to raise funds prior to stage 2 sales.

Thoughts and/or corrections welcome!

Disclosure is "no position" but I hold some in a SMSF.