question time, page-40

Hi Tony,

My question is similar to mtl999 question about cash for running PLV.

You received $3m yesterday and have two more payments of $2m to come (excluding the $10.6m that is to be spent on Cockatoo). That comes to $7m plus whatever you currently have in the bank at the moment. Having a quick look at the 2011 full year report you seemed to spend ~$21m in 2011 (most of which was exploration). I'm guessing that the exploration expenditure will be a lot less now that exploration is mostly finished but you will still have the DFS costs, environmental drilling costs etc. Do you see this $7m (plus current cash) getting you through until Cockatoo can be cash flow positive, or how long do you think it will last?

Thanks.