Looks like JRV has applied for Kabanga, page-6

And the C27 deal also includes 422k C27 shares with current AUD value of $2.65m. Escrowed for only four months from issue date which will be when AUZ make the final option payment.

Add all share investments, cash and incoming cash and shares as above, we have probably close to $18m in liquid assets.

Broken down (rounded):

- Cash at end of june qtr: $4.7m
- Ecobalt shares at current price in AUD: $5m
- Cash incoming from AUZ option payment: $4m
- Cobalt 27 shares at current price AUD: $2.65m
- Cash incoming from Cobalt 27 AUD: $2m

Total: approx $18m (excluding ELT shareholding and no value attributed to remaining royalties like bullabulling)

So yeah I wouldn't say we're hard up.

Will we have to pay for Kabanga? Who knows...but it's an APPLICATION to the government, not an 'asset snatch'. So lets wait and see if the application is successful first.

Will we have to raise more money short term? Probably not for the PFS, that should be comfortably funded. Maybe if we launch a cash or cash/scrip TKO of ECobalt or acquire more shares in them. Or maybe if they identify another opportunity...clearly these guys know all the assets globally.

Cdchi1