Ann: Quarterly Activities and Cashflow Report, page-10

There are a number of funding options for NAE moving forward.

We have Lochinvar discussions going on that could result in a JV (thus upfront funding) or sell off of the asset to fund Redmoor moving forward. Gary has indicated that discussions have moved forward, so news on this front could come anytime.

We can look at a raise, which I agree would not be a terrible scenario if it means we can progress Redmoor towards production. The last raise was limited by our yearly cap, but this has now been reset. Retail didn't take up the last offer after someone decided to prevent buy in by dumping into the stock to push it below the raise price, but the soph side, although limited to around $300k, was fully subscribed.

We are also contracted in with SML (JV Partner at Redmoor) to provide our portion of costs from our 50% holding in Redmoor. I don't think this will be necessary, but we always have it up our sleeve.

Obviously we could also look into financing, but I doubt this would be the path at this stage.

In the end, Strategic Minerals (SML) is determined to bring this to production. Their MD calls it a "Juggernaut, that will not be stopped". For NAE it is just a matter of having held onto as much of it as possible when it finally gets to that stage.

I agree though, I think the catalyst here is the decision and action by management on funding to move Redmoor forward. Once that is locked it, there doesn't seem to be too much that will hold this back.