Ann: Quarterly Activities and Cashflow Report, page-2

This stock has drawn my attention because of its minuscule market cap, good gold grades, and further news flow regarding drilling/surveying to come.

However, here's my take on the quarterly:

Staff costs 19k + admin/corporate costs(directors fees) 216k = 235k spent in a single quarter to produce a drilling report which didn't really show anything new.
The drilling (exploration costs) are only at 99k.
How can a speculative miner spend 99k on exploring and 235k on staff and admin?

To pay these admin costs the company has has entered into a debt facility agreement with Asipac Group Pty Ltd, a major shareholder, at which they are allowed to borrow 500k.

What are the terms of this agreement?

Surely not a 0% interest rate?
500k is nearly a third of the company's market cap, this agreement needs its own clarification announcement, the terms will directly affect dilution/cash-flow.

If you look at the last quarterly, the original agreement was to borrow up to only 200k. Looks as if this major shareholder gets along with management quite well...

So with 300k of the 500k already borrowed and spent..except the piddly 18k left in the bank..the company still believes it will have the resources to go ahead with 'existing activities'.
With expected negative cash-flow of 277k for the next quarter, and 218k of the loan/cash left... basically there will have to be a capital raise next quarter or more handouts from this mysterious lender, Asipac.

Furthermore in comparing this quarterly to the last quarterly, RBX has spent 24k more than anticipated. will next quarters spend be higher than the anticapted 277k aswell?

Interestingly, the company only believes that 135k will be spent on staff and admin next quarter, while 142k will be spent on 'other'.
My best guess is that 'other' is the interest payment to Asipac for the current 500k cash they will have borrowed + more corporate costs.

Finally, once this CR is finished, presumably providing the company with at least 77k, there will still be 500k of debt due to the major shareholder/lender.

I'm all for high risk and high reward, but this to me has too many red flags.

How long will Asipac group keep this company afloat?

Please double check my comments and numbers.

I look forward to any clarifications.

Cheers,