Ann: Appendix 5B Quarterly Report September 2014, page-3

And yes, I realise they are already earning a small income from one of the feed projects.
They also have another feed project that will hopefully start producing in about 3-4 months. But that will not provide any revenue until all the upfront costs are paid for (I think thats how the deal is structured, happy to be corrected). So I guess I just see a bit of a funding gap for the next 4-6 months.

That being said, as I stated above, PXG is quite leveraged to the gold price considering its MC. But then the ASX is littered with small cap goldies, many producing, but not making any money, so perhaps even more leveraged than PXG. But safer... no PXG is a safer play I think.

I will keep watching with interest.