Ann: AGM Presentations, page-16

Hey Dan,

don't be too hard on yourself, you could only go from the company's announcements and past achievements. Brad L has a good record, but Grieve has def been a big issue for the company, although I do think it will eventually hit its targets, ELK expected production to hit high levels 6 months ago, not... in June 2019. Anyway, I think from what I have read in the quarterly, they have liquidity of around $50m AUD? cash + borrowings untapped. So they should be able to pay for the $10m USD payment, plus development in the near term. Just hard to know when they are actually going to be cash flow positive, in the sense of actually building their cash pile, versus adding ever more debt.

Also, when they refinance, I assume they will need to lock in more hedging, which might be ok, but... oil has come off a fair way, which is a little unlucky. Do you still think they will actually refinance before the end of the year, or will they push it out if Grieve starts to improve?

Good luck to all holders. It has been a bumpy ride and the share price is sitting a fair way below the last capital raising price.