Looking at the updated timeline above - the company needs to get...

Looking at the updated timeline above - the company needs to get another project up and running before Phillips Find generates income. The lag time between projects generating income is approx 1yr. Income from Phillips Find is paid at the end of the project.

Exploration at Nimbus is cashflow dependent and could start later than proposed.

Another capital raise and further dilution would not go down well.

Cannon is on hold but needs to be re-evaluated given Phillips Find's commencement date is a further 4 months out.