The Taurus position remains a concern on multiple fronts and it...

The Taurus position remains a concern on multiple fronts and it is a position that I previously assumed would have been taken out by now with material benefit to RNI.

Funding costs are high, interest payments continue to burn up cash reserves and T has all the security over RNI is needs and then some to keep it on the tightest of leashes. He who has the gold so often makes the rules!

Some here seem to suggest that even if 004 is a no-goer, more drilling can be progressed over future times in an almost "she'll be right" type approach but Feb deadline will loom quickly again like it did earlier this year and funding has to be resolved as a matter of priority. The cash will burn and RNI runs the risk of trying to tap Taurus or whoever else further down the track who might be passing for a little extra wedge to keep its hopes alive and that is a risky approach. Trying to raise cash from a position of weakness never ends well for the prospective borrower.

Most are assuming that funding is a done deal but watch what happens to the SP when shudders around that assumption potentially increase.

Its August and still no word whatsoever on funding and that is a big concern. It says that there is still not enough appetite for RNI based on what is already known and that should put everyone on alert. BOE suggested 25c without funding and we are currently 7c short of that which concerns with no future upside around funding or FG looking to have been priced in. Buy side continues to thin out and sellers build.

Difficult to remain optimistic around future prospects at the current time.