Kumar & Tricky, I am not sure where you guys are getting your...

Kumar & Tricky,

I am not sure where you guys are getting your info from but below are the actual costs from the last quarterly which show:

1. Administration costs were $765k for the whole of the 2013/14 financial year (average of $191k per quarter);
2. Administration costs for the last quarter were $169k (down from average of $191k per quarter from the previous 4 quarters);
3. $169k in Administration costs for a quarter is very very low as it covers a lot of costs such as rent, electricity, phone, insurance, travel, accommodation, audit fees, asic fees, bank fees, legal fees, postage, stationery, internet/IT maintenance, cleaning, repairs & maintenance, venue hire/meeting expenses, consultants, and as you mention, salary & on-costs for five staff.

I don't know about your experience but in my experience that is very little spend for a listed company which is kicking goals via farmouts and acquisitions.

At this rate, the $1M cash at bank at 30/06/14 and the additional facility of $750k is enough for the company in administration costs to last over 9 quarters (using the $191k average per quarter) - in other words; 2 years and 3 months (and that doesn't include any cash received from the upcoming Peru farmout - if any is received).

In relation to not having enough money to drill Peru, that why the company is in discussions with farmout/JV partners that will do the drilling for us - same as is currently happening in West Africa with the gold ($7.5M JV deal, cash paid to AQD and drilling done for us).

In relation to bang for buck, here is what the management has done in under 9 months (equivalent to $573k in administration fees), which is a great job imo:



Here is the last quarterly where I sourced my Administration costs from: