Ann: Trading Halt, page-14

There was $3.224m in cash etc as at 30/6.

The Sep Q budget spend was $1m, with $0.75m spend on exploration.

So, allowing for extras, that should leave about $2m in cash etc as at 30/9. That should be enough to carry on until say Feb next year.

So, why raise now from a timing perspective?

Also, why raise now when the SP sits below the AUROA price of 8c?

It's something of a conundrum, but one thing is for sure, if it's to be a placement, then it's going to need shareholder approval because of the paucity of capacity to issue new shares under Rules 7.1 and 7.1A.

I can't see a Share Purchase Plan or a Rights Issue happening, given the situation with AUROA and the current and future money situation.

It has to be a placement, and one that has real substance to provide sustainability for the company.