a dog ate my annual report! , page-3

The drill results for Nabalek North are now sure to come out whilst UXA Resources are suspended. I'm told these are due in the next 16 days or at least the results of the first of three phases.

This does mean that La Jolla Cove investors can't convert further shares and the same applies to Lind who have lent $1 million.
Total debts of UXA remain around $3m, made up of the above and bank loans. The latter having been reduced to about $1.20m.

UXA's only worthwhile interest is GAA Wireline, investment into GAA plus amount paid, minus a loan = A$9.5m. There has been no estimate of present value though the company has been trading well in the USA and Australia.

The concern is that about $1m was to be used only for drilling at Nabarlek North and appears contained in the end of year cash available leaving little over. UXA drew down the last $500k (last draw-down) from La Jolla after the year end date and a further $500k (total $1m) from Lind.

There is a further $6m to be drawn-down from Lind over 2 years.