Rig at Site Lithium Drilling Turesi, page-31

I find it strange that you started a thread titled "Rig At Site Lithium Drilling Turesi" but at the end of your post you say:
"Expecting the rig at site any day now " which is in total contradiction of the thread title!! King may have said that the Lithium at Turesi is "derisked" but he also said that drilling would start on or about the FIRST week in March, not sure if you noticed but it is April now.

Moving on though, as your indicating:
Cash position is good? Is it?
The current budgeted commitment for Turesi the previous quarter was just under half the required spend amount for the Phase 3 earn-in, being AUD$600,000.  This figure is only giving us a 2000 metre drilling campaign - which IMO is nowhere near enough but would also include other sundries ie: cost of excavator? establishing the roads, building the drilling site camp, costs associated with getting equipment to the site etc.  The balance of the minimum spend would no doubt give us more drilling but how much more, and hopefully they just keep drilling while they have a rig there.  Or the could shock us all and announce a supplementary drill campaign with all this extra cash they have
Next quarters spending will be a lot less and by the time this drill campaign is completed and results are ALL in, it will be as @The Stig has suggested be around September some time. This will mean the they cannot plan the next drilling campaign until all the results are in/deciphered - mid September?
Will the drill rig owner need it back after this is completed? Can we afford to let a drill sit there idle until they plan their next campaign?


If the RJIP grant is approved it will deduct a further $590,000 from the uncommitted cash balance as this is also a $ for $ match funding scheme.

OHD: "This is been a long wait but eventually will be back on the table "



With the PDU spending considerable time non-operational due to design limitations, and GPP unable to fund its own PDU prior to their original plans of  Tomato Field trials and have now resorted to "Ongoing Hydroponic and small scale activities" plus the need to validate process functions prior to re submitting the application for the government grant, I personally think they have some problems (but thats neither here nor there) Don't forget we need proof the design works at a commercial scale before the commercial plan can be completed......
If the grant is rejected again, and considering that the application for the original grant was for circa $2M and bearing in mind that it is  $ for $ matched grant (total $4M required), it would mean that for the OHD project to progress we would need  to find funds. So no, I disagree that their cash position is good at all, hopefully there is an abundance of interested parties jumping on the over subscriptions, and all that before we move onto finding funding for the "Pilot Plant" - we need the money.



The above is All IMO only, spreadsheet calculations are mine and based on company announcements and projected cash commitments but those commitments do not include all the consultants we are engaging fees for services rendered.

cheers