Ann: Half Year Accounts, page-14

1. the financials presented are in order and actually reflect prudence !
2. the monthly burn rate of cash is acceptable given the significant sums paid out on exploratory effort ( 8 mm $) . Admin and staff costs are acceptable given the company’s need to explore, develop and commercialize. It’s the quality of people / experience at this stage and not the number of people that matters ..hence a little expensive but understandable.
3. The share options issued to directors and management are prudent in number in that it aligns management with SH objectives . Non Execs getting share options with non recourse loans ( if I read this right ) is questionable.
4. The recent CR of 5 MM will allow AUZ to safely operate till June 2019 at which time cash will need to be raised either via another rights ( which is increasingly dilutive given low share price ) or via institutional funding and SKI pre payment which is the strategic intent of the company to date.

Understand that all out effort is being made at AUZ to get the long form agreement in place and the revised mine layout ..completion here will be a key milestone towards finalization of the optimised BFS.

in essence ..AUZ operations appear acceptable from a cost perspective but critical to its future is the securing of funding latest Q2.( at least SKI pre payment and NAIF operating disbursement)