Glancing at the quarterly, I see $2m on admin (that's $8mpa), for the holding company, not the project.
As a matter of interest, what are the guys in the office of the holding company actually doing? Are they just sitting around reading magazines, waiting for cash to start flowing from the project?
I'm holding because there's enough cash in the holding company to cover 2-3 years of magazine reading, and by the time it runs out even Karara should be making some money.
GBG Price at posting:
9.6¢ Sentiment: Hold Disclosure: Held