Another Equity Raise Needed This Year, page-2

All fair questions. As I mentioned before its still not clear when the 6-8 week delay occurred. Some read it like it happen in early nov/Dec. I dont read it like that. The second key issue is how much of the next Q spend is getting drawn from the Komatsu facility for the mining equipment. Payment from state utilities is  30days from delivery of coal so that's a positive.

In my view reading between the lines they are targeting 50t of coal production this Q at an all in cash cost of US$35t which is 20% over the expanded BFS all in fob cost of US$29.24. I have allowed this 20% while they get through the ramp up period. This is based off the forecast production cash outflows of US$1.8m for production.  I could be way off????

The board really needs to get proactive and get on the front foot.