Share Name Share Symbol Market Type Share ISIN Share Description
Future Metals Nl LSE:FME London Ordinary Share AU0000157745 ORD NPV (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.125 1.37% 9.25 9.00 9.50 9.25 9.125 9.125 129,099 09:37:12
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining - - - - 32

Future Metals NL Quarterly Activities and Cashflow Report

29/10/2021 7:15am

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RNS Number : 7032Q

Future Metals NL

29 October 2021

29 October 2021

Future Metals NL

Quarterly Activities and Cashflow Report

for the period ended 30 September 2021

Future Metals NL ( ASX/AIM: FME ) ("Future Metals" or the "Company") is pleased to provide its Quarterly Activities and Cashflow report for the quarter ended 30 September 2021 (the "September Quarter").


Panton PGM Project

-- +10,000m diamond core drilling programme commenced in August 2021 at the Company's 100% owned Panton PGM Project ("Panton") which is progressing as planned, with approximately 4,550m of drilling completed across 21 holes to date.

-- Samples submitted for assaying and results from the initial five holes reported subsequent to the period end (please refer to announcement dated 28 October 2021) :

   o   20.8m @ 5.34g/t PGM (2E+Au) from 89.3m (PS388) 

-- including 10.1m @ 9.00g/t PGM (2E+Au) from 92.5m

o 14.8m @ 3.88g/t PGM (2E+Au) from 38.4m (PS384)

-- including 7.8m @ 6.46g/t PGM (2E+Au) from 39.4m

o 11m @ 3.94g/t PGM (2E+Au) from 100m (PS389)

-- including 4.35m @ 5.72g/t PGM (2E+Au) from 103m

o 8m @ 1.98g/t PGM (2E+Au) from 25m (PS382)

-- including 2m @ 4.86g/t PGM (2E +Au) from 25.5m

-- Initial results demonstrate considerably higher PGM grades and widths when compared to historical drilling and resource modelling.

-- Assay results pending for several holes.

-- Drilling is ongoing at Panton with the current focus to test shallow, bulk mineralisation within the prospective footwall zone outside of the current 2.4Moz JORC Mineral Resource Estimate ("MRE") (please refer to Table One).


-- Admission to trading on the AIM market of the London Stock Exchange plc occurred on 21 October 2021 under ticker code 'FME' ("Admission").

-- Highly respected UK-based company director, Elizabeth Henson, appointed to the Board as an Independent Non-Executive Director on Admission

-- Appointment of WH Ireland Limited ("WH Ireland") as UK Broker with effect from Admission.

-- Cash position of approximately $8.2 million at 30 September 2021 (prior to payment of stamp duty associated with the Panton acquisition and costs associated with the AIM Admission)

Panton PGM Project

Panton is located 60km north of Halls Creek and 1km off the Great Northern Highway, in the East Kimberley Region of Western Australia (please refer to Figure One) . The Great Northern Highway provides direct access to the Port of Wyndham .


Figure One | Panton Location

Panton is held under three granted Mining Leases (M80/103, M80/104 and M80/105) covering an area of approximately 23km(2) . Past exploration and drilling, predominantly undertaken by Platinum Australia Ltd ("Platinum Australia") in the early 2000s, resulted in the delineation of the current MRE for the Panton deposit undertaken by Cube Consulting Pty Ltd ("Cube") in April 2003. In August 2015, Cube reviewed and re-reported the MRE in accordance with the Australasian Code for Reporting of Mineral Resources and Ore Reserves 2012 ("JORC 2012").

The Panton PGM Project has a JORC 2012 Mineral Resource Estimate of 14.32Mt @ 5.20g/t for 2.4Moz PGM plus Gold (please refer to Table One) .


Table One | Panton JORC 2012 MRE

The MRE was based on previous drilling at Panton comprising historical diamond drilling (30 holes or 9,524 metres completed prior to 2001), reverse circulation (RC) (29 holes for 2,366 metres) and diamond drilling (166 holes for 34,410 metres) completed by Platinum Australia. The MRE also included surface trenching and underground channel samples (1,391 metres) conducted by Platinum Australia between 2001 and 2003 in an exploration decline which accessed the upper chromite reef.


Figure Two | Panton MRE Wireframes

The Panton mineralisation occurs within a layered, differentiated mafic-ultramafic intrusion referred to as the Panton intrusive. PGM mineralisation is hosted within two stratiform chromite reefs, the Top and Middle reefs, within the ultramafic sequence. The Panton MRE is domained into the A, B, C and D Blocks (please refer to Figures Two and Three) .


Figure Three | Panton Geology Showing the A, B, C and D Blocks

The Panton intrusive is a 20km(2) layered mafic intrusive and shares geological features with the Cr-PGM-Ni mafic intrusive hosted deposits of the Bushveld Igneous Complex in South Africa and the Sudbury Complex in Canada.

The Panton intrusion has been folded into a syncline such that the shallowest chromite reefs occur around the outer edges and become deeper towards the centre of the complex (please refer to Figure Three) . The syncline axis is interpreted to plunge toward the southwest. In addition to folding, the Panton Complex has been subject to several stages of faulting, many of which offset the chromite reefs including a major north-south oriented fault that offsets the C block to the south which is now known as the D block (please refer to Figure Three) .

September Quarter Activity

During the September Quarter, the Company commenced its +10,000m drilling program, with approximately 4,550m completed to date across 21 diamond core holes. The drilling program is planned to continue until late December 2021, weather conditions permitting. The program is designed to:

-- provide samples for further metallurgical test work;

-- test continuity and depth extensions to the MRE;

-- test the potential for defining a much larger and shallower mineralised zone at lower cut-off grades;

-- test strike extensions to the MRE; and

-- test parallel zones of highly anomalous PGM soil geochemistry.


Photos One and Two | Drilling Underway at Panton

Eight of these holes have been submitted to ALS Metallurgy Pty Ltd for assay and subsequent flotation test work and optimisation. The remaining samples from the drilling program are being submitted Bureau Veritas Australia Pty Ltd for assay. Whilst drilling has been undertaken across all of the domained zones within the Panton MRE to provide samples for metallurgical test work and to test for down dip extensions, the Company is currently drilling a series of shallow sections across the B Block and C Block (please refer to Figure Three) .

The eight holes (PS382 - PS389) drilled for metallurgical test work were designed to recover sufficient mineralised chromitite reef and associated mineralised dunite for metallurgical test work. The metallurgical holes were drilled at three sites, one at each of the A, B and C Blocks of the northern part of the Panton intrusion (please refer to Figure Three) . These eight drill holes were completed in the September Quarter and were successful in recovering suitable material and in the required volumes.

Results have now been received for five of these eight holes as shown in Table One below (refer to announcement dated 28 October 2021 for further details) :

 Hole ID       From       To       Width      Pd         Pt         Au       PGM(2E) +Au     Ni 
-----------  -------  ---------  -------  ---------  ---------  ---------  -------------  ------- 
 PS382          25m       33m       8m      0.95g/t    0.93g/t    0.10g/t      1.98g/t      0.21% 
 including     25.5m     27.5m      2m      2.38g/t    2.27g/t    0.21g/t      4.86g/t      0.21% 
 PS384         38.4m     53.2m     14.8m    1.86g/t    1.68g/t    0.33g/t      3.88g/t      0.24% 
 Including     39.4m     47.2m     7.8m     3.17g/t    2.83g/t    0.46g/t      6.46g/t      0.27% 
 PS387          22m       27m       5m      1.14g/t    1.00g/t    0.18g/t      2.32g/t      0.21% 
 PS388         89.3m    110.1m     20.8m    2.42g/t    2.30g/t    0.62g/t      5.34g/t      0.40% 
 including     92.5m    102.6m     10.1m    4.09g/t    3.69g/t    1.22g/t      9.00g/t      0.53% 
 PS389         100m      111m       11m     1.99g/t    1.73g/t    0.22g/t      3.94g/t      0.29% 
 including     103m     107.35m    4.35m    3.03g/t    2.47g/t    0.22g/t      5.72g/t      0.32% 

Table One | Initial Drilling Assay Results


Figure Four | Panton Section (PS382 and PS384)

A review of historical drilling has shown significant broad zones of platinum (Pt) and palladium (Pd) mineralisation outside of the current wireframes that support the MRE. The current MRE interpretation has been constrained to the high grade upper and middle chromitite reefs and has excluded Pt and Pd mineralisation outside of these chromitite reefs within the host dunite rock. Often no sampling of historical drilling was undertaken outside the chromitite reef and/or drilling did not extend beyond the upper and middle chromite reefs (please refer to Figure Four) . The Company sees potential for bulk shallow tonnage and is currently testing for this with a series of shallow (<150m) drill traverses across the B and C Blocks.

In addition, the Company plans to undertake some shallow drilling at the 'Northern Anomaly' where a large PGM anomaly exists based on mag lag sampling (please refer to Figure Five) . Only limited wide spaced drilling has been undertaken at the Northern Anomaly, which returned shallow, broad widths of lower grade mineralisation.


Figure Five | Anomalous PGM in Mag Lag Sampling


Admission to AIM

The Company's Admission to AIM occurred on 21 October 2021. In conjunction with Admission, the Company appointed a highly credentialed UK-based director to augment the Company's existing Board of Directors, Ms Elizabeth Henson. Ms Henson was formerly a senior international private tax partner of PricewaterhouseCoopers ("PwC") in London, having founded and led PwC's International Wealth business. She is an experienced company director and holds a Master of Laws and Tax from Queen Mary, University of London, along with a Bachelor of Laws (LLB) and Bachelor of Art from Rhodes University, South Africa.

Future Metals also engaged WH Ireland Limited as UK Broker from Admission. WH Ireland will be assisting with broking services, research, market making and investor relations in the UK. WH Ireland's tailored approach means that its teams engage with all key investor groups active in our market - High Net Worth Individuals, Family Offices, Wealth Managers and Funds. Its broking, trading and research teams provide the link between growth companies and this broad investor base and the Company looks forward to working with WH Ireland in the next stage of the Company's growth.

Performance Rights

In accordance with the terms of the Company's Performance Rights Plan and as approved by shareholders at the Company's general meeting held on 4 June 2021, 7,333,331 Class A Performance Rights, 7,333,334 Class B Performance Rights and 7,333,335 Class C Performance Rights were issued on 13 June 2021.

7,333,331 Class A Performance Rights and 7,333,334 Class B Performance Rights have subsequently vested having met the applicable vesting criteria. The Class C Performance Rights will vest when the Volume Weighted Average Price over a period of 20 consecutive trading days on which trades in the Company's shares are recorded on ASX is at least $0.25.

   No Performance Rights   were converted or cancelled during the September Quarter. 

Financial Commentary

The Quarterly Cashflow Report (Appendix 5B) for the period ending 30 September 2021 provides an overview of the Company's financial activities.

The Company is in a strong financial position with A$8.2 million in cash at the end of the September Quarter. Such cash position is prior to the payment of stamp duty associated with the Panton acquisition and costs associated with the AIM Admission. The net cash position is considered sufficient to fund corporate costs and also facilitate the acceleration of exploration programs at Panton well into 2022.

Expenditure on exploration during the reporting period amounted to A$671k and included the drilling expenses at Panton (A$435k). Payments for administration and corporate costs amounted to A$604K and included costs for and associated with the public offer in Australia and ASX re-compliance listing ($A349k).

The aggregate amount of payments to related parties and their associates included in the September Quarter cash flows from operating activities was A$130k comprising Director fees and remuneration (including superannuation).

Statement of Commitments

The September Quarter is covered by the Statement of Commitments(1) outlined in the ASX Prospectus dated 18 May 2021. A summary of expenditure to date is outlined in Table Two below.

                                                   Proposed                 Actual 
                                                 Use of Funds 
                                                 13 June 2021            (13 June 2021 
                                                   to 13 June                  to 
                                                       $                 30 September 
 Exploration & development expenditure 
-------------------------------------------                            --------------- 
 Panton Option consideration                           3,000,000             3,000,000 
-------------------------------------------                            --------------- 
 Estimated duty liability                              1,755,495                     - 
-------------------------------------------                            --------------- 
 Drilling of extensions                                2,000,000               671,265 
-------------------------------------------                            --------------- 
 Metallurgical testwork                                  500,000                     - 
-------------------------------------------                            --------------- 
 Process design, mining and development                1,000,000                     - 
-------------------------------------------                            --------------- 
 Other technical studies                                 500,000                     - 
-------------------------------------------                            --------------- 
 Assessment of complementary assets or                   500,000                     - 
-------------------------------------------                            --------------- 
 SUB-TOTAL                                             9,255,495             3,671,265 
-------------------------------------------                            --------------- 
 Estimated cash expenses of the Australian 
  Offers                                               1,077,834             1,164,174 
-------------------------------------------                            --------------- 
 Estimated cash costs for readmission 
  to AIM                                               1,124,334                59,826 
-------------------------------------------                            --------------- 
 Administration costs                                  2,000,000               776,372 
-------------------------------------------                            --------------- 
 Working Capital                                         768,200                44,241 
-------------------------------------------                            --------------- 
                                                      14,225,863             5,715,878 
-------------------------------------------                            --------------- 

Table Two | Statement of Commitments

(1) The above table is a statement of current intentions. Investors should note that the allocation of funds set out in the above table may change depending on a number of factors including the results of exploration, outcome of development activities, regulatory developments and market and general economic conditions. In light of this the Board reserves the right to alter the way the funds are applied.

Further Information

For further information please refer to the ASX platform under ASX code FME or visit the Company's website at www.future-metals.com.au .

This announcement has been approved for release by the Board of Future Metals NL.

Enquiries :

            Future Metals NL                               +61 8 9480 0414 
            Justin Tremain                                 info@future-metals.com.au 
            Strand Hanson Limited 
             (Nominated & Financial Adviser)               +44 (0) 20 7409 3494 
            James Harris 
            W H Ireland Limited 
             (UK Broker) 
             Harry Ansell/Katy Mitchell                    +44 (0) 207 220 1670 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018.

Competent Person's Statement:

The information in this announcement that relates to Exploration Results is based on, and fairly represents, information compiled by Mr Shane Hibbird, who is a Member of the Australasian Institute of Geoscientists. Mr Hibbird is a consultant of the Company and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a competent person as defined in the 2012 Edition of the "Australasian Code for reporting of Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves" (JORC Code). Mr Hibbird consents to the inclusion in this announcement of the matters based upon his information in the form and context in which it appears.

References may have been made in this announcement to certain past ASX announcements, including references regarding exploration results. For full details, refer to the referenced ASX announcement on the said date. The Company confirms that it is not aware of any new information or data that materially affects the information included in these earlier market announcements.

The information in this announcement which relates to Mineral Resources was stated in the Company's Prospectus dated 18 May 2021. The Company confirms that is not aware of any new information or data that materially affects the information included in the Prospectus relating to Mineral Resources, and that all material assumptions and technical parameters underpinning the Mineral Resource Estimate continue to apply and have not materially changed.

The information in this announcement that relates to Metallurgical Results is based on, and fairly represents, information compiled by Dr Evan Kirby, a Competent Person who is a Member of the Australian Institute of Mining and Metallurgy. Dr Kirby is a full-time employee of Metallurgical Management Services (MMS) a specialist metallurgical consultancy and an independent consultant of the Company. Dr Kirby has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a competent person as defined in the 2012 Edition of the "Australasian Code for reporting of Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves" (JORC Code). Dr Kirby consents to the inclusion in this announcement of the matters based upon his information in the form and context in which it appears.

Notes to Editors:

About Platinum Group Metals (PGMs)

PGMs are a group of six precious metals being Platinum (Pt), palladium (Pd), iridium (Ir), osmium (Os), rhodium (Rh), and ruthenium (Ru). Exceptionally rare, they have similar physical and chemical properties and tend to occur, in varying proportions, together in the same geological deposit. The usefulness of PGMs is determined by their unique and specific shared chemical and physical properties.

PGMs have many desirable properties and as such have a wide variety of applications. Most notably, they are used as auto-catalysts (pollution control devices for ICE vehicles), but are also used in jewellery, electronics, hydrogen production / purification and in hydrogen fuel cells. The unique properties of PGMs help convert harmful exhaust pollutant emissions to harmless compounds, improving air quality and thereby enhancing health and wellbeing.

Appendix One | Exploration and Mining Permits

Changes during the September Quarter

 Project   Location       Tenement      Interest at       Interest 
                                        beginning of      at end of 
                                           Quarter         Quarter 
             No changes during the September Quarter 
========  ============================================  =========== 

Farm-In / Farm Out Agreement changes during the September Quarter

 Joint Venture   Project   Location   Tenement     Interest       Interest 
                                                  at beginning      at end 
                                                   of Quarter     of Quarter 
                 The Company has no Joint Venture Agreements 

Interests in Mining & Exploration Permits & Joint Ventures at 30 September 2021

 Project    Location             Tenement      Area        Interest at 
                                                          end of Quarter 
 Panton     Western Australia    M80/103     8.6km(2)         100% 
    M80/104                                   5.7km(2)         100% 
   M80/105                                   8.3km(2)         100% 
  ========================================  ==========  ================ 

Appendix 5B

Mining exploration entity or oil and gas exploration entity

quarterly cash flow report

 Name of entity 
 Future Metals NL 
 ABN                Quarter ended ("current quarter") 
---------------    ---------------------------------- 
 99 124 734 961     30 September 2021 
 Consolidated statement of cash                          Current quarter   Year to date 
  (refer Note 1)                                              $A'000        (3 months) 
               1.   Cash flows from operating 
 1.1                Receipts from customers                            -              - 
 1.2                Payments for 
                    (a) exploration & evaluation                       -              - 
                    (b) development                                    -              - 
                    (c) production                                     -              - 
                    (d) staff costs                                    -              - 
                    (e) administration and corporate 
                     costs                                      (604)(1)          (604) 
 1.3                Dividends received (see note                       -              - 
 1.4                Interest received                                  2              2 
 1.5                Interest and other costs of                        -              - 
                     finance paid 
 1.6                Income taxes paid                                  -              - 
 1.7                Government grants and tax                          -              - 
 1.8                Other (provide details if                          -              - 
                                                        ----------------  ------------- 
                    Net cash from / (used in) 
 1.9                 operating activities                          (602)          (602) 
-----------------  -----------------------------------  ----------------  ------------- 
 (1) includes costs for and associated with the public offer 
  and ASX Listing totalling $349k 
 2.                      Cash flows from investing 
 2.1                     Payments to acquire or for: 
                    (a) entities                                       -              - 
                    (b) tenements                                      -              - 
                    (c) property, plant and equipment               (44)           (44) 
                    (d) exploration & evaluation                   (671)          (671) 
                    (e) investments                                    -              - 
                    (f) other non-current assets                       -              - 
 2.2                     Proceeds from the disposal 
                    (a) entities                                       -              - 
                    (b) tenements                                      -              - 
                    (c) property, plant and equipment                  -              - 
                    (d) investments                                    -              - 
                    (e) other non-current assets                       -              - 
 2.3                Cash flows from loans to other                     -              - 
 2.4                Dividends received (see note                       -              - 
 2.5                Other 
                                                        ----------------  ------------- 
                    Net cash from / (used in) 
 2.6                 investing activities                          (715)          (715) 
-----------------  -----------------------------------  ----------------  ------------- 
 3.                 Cash flows from financing 
 3.1                Proceeds from issues of equity 
                     securities (excluding convertible 
                     debt securities)                                  -              - 
 3.2                Proceeds from issue of convertible                 -              - 
                     debt securities 
 3.3                Proceeds from exercise of 
                     options                                           -              - 
                    Transaction costs related 
                     to issues of equity securities 
 3.4                 or convertible debt securities                 (48)           (48) 
 3.5                Proceeds from borrowings                           -              - 
 3.6                Repayment of borrowings                            -              - 
 3.7                Transaction costs related                          -              - 
                     to loans and borrowings 
 3.8                Dividends paid                                     -              - 
 3.9                Other (provide details if 
                     material)                                         -              - 
                    Net cash from / (used in) 
 3.10                financing activities                           (48)           (48) 
-----------------  -----------------------------------  ----------------  ------------- 
 4.                 Net increase / (decrease) 
                     in cash and cash equivalents 
                     for the period 
                    Cash and cash equivalents 
 4.1                 at beginning of period                        9,556          9,556 
                    Net cash from / (used in) 
                     operating activities (item 
 4.2                 1.9 above)                                    (602)          (602) 
                    Net cash from / (used in) 
                     investing activities (item 
 4.3                 2.6 above)                                    (715)          (715) 
                    Net cash from / (used in) 
                     financing activities (item 
 4.4                 3.10 above)                                    (48)           (48) 
 4.5                Effect of movement in exchange                     -              - 
                     rates on cash held 
                                                        ----------------  ------------- 
                    Cash and cash equivalents 
 4.6                 at end of period                              8,191          8,191 
-----------------  -----------------------------------  ----------------  ------------- 
               5.   Reconciliation of cash and           Current quarter   Previous quarter 
                     cash equivalents                         $A'000            $A'000 
                     at the end of the quarter 
                     (as shown in the consolidated 
                     statement of cash flows) to 
                     the related items in the accounts 
 5.1                Bank balances                                  5,873              7,239 
 5.2                Call deposits                                  2,318              2,317 
 5.3                Bank overdrafts                                    -                  - 
 5.4                Other (provide details)                            -                  - 
                                                        ----------------  ----------------- 
                    Cash and cash equivalents 
                     at end of quarter (should 
 5.5                 equal item 4.6 above)                         8,191              9,556 
-----------------  -----------------------------------  ----------------  ----------------- 
               6.    Payments to related parties of the entity    Current quarter 
                      and their associates                             $A'000 
                     Aggregate amount of payments to related 
                      parties and their associates included in 
 6.1                  item 1                                                  130 
 6.2                 Aggregate amount of payments to related                    - 
                      parties and their associates included in 
                      item 2 
      Note: if any amounts are shown in items 6.1 or 6.2, your quarterly 
       activity report must include a description of, and an explanation 
       for, such payments. 
        *    Payment of Directors' Fees and Remuneration - $130k 
               7.   Financing facilities                    Total facility      Amount drawn 
                     Note: the term "facility'             amount at quarter    at quarter end 
                     includes all forms of financing              end               $A'000 
                     arrangements available to                  $A'000 
                     the entity. Add notes as necessary 
                     for an understanding of the 
                     sources of finance available 
                     to the entity. 
 7.1                Loan facilities 
                                                         -------------------  ---------------- 
 7.2                Credit standby arrangements 
                                                         -------------------  ---------------- 
 7.3                Other (please specify) 
                                                         -------------------  ---------------- 
 7.4                Total financing facilities 
                                                         -------------------  ---------------- 
 7.5                Unused financing facilities available at 
                     quarter end 
 7.6                Include in the box below a description of each facility 
                     above, including the lender, interest rate, maturity date 
                     and whether it is secured or unsecured. If any additional 
                     financing facilities have been entered into or are proposed 
                     to be entered into after quarter end, include a note providing 
                     details of those facilities as well. 
-----------------  --------------------------------------------------------------------------- 
               8.   Estimated cash available for future operating              $A'000 
                    Net cash from / (used in) operating activities 
 8.1                 (item 1.9)                                                  (602) 
 8.2                (Payments for exploration & evaluation classified            (671) 
                     as investing activities) (item 2.1(d)) 
 8.3                Total relevant outgoings (item 8.1 + item                  (1,273) 
 8.4                Cash and cash equivalents at quarter end                     8,191 
                     (item 4.6) 
 8.5                Unused finance facilities available at quarter                   - 
                     end (item 7.5) 
 8.6                Total available funding (item 8.4 + item                     8,191 
                    Estimated quarters of funding available 
 8.7                 (item 8.6 divided by item 8.3)                                6.4 
                    Note: if the entity has reported positive relevant outgoings 
                     (ie a net cash inflow) in item 8.3, answer item 8.7 as 
                     "N/A". Otherwise, a figure for the estimated quarters 
                     of funding available must be included in item 8.7. 
 8.8                If item 8.7 is less than 2 quarters, please provide answers 
                     to the following questions: 
                    8.8.1 Does the entity expect that it will continue to 
                     have the current level of net operating cash flows for 
                     the time being and, if not, why not? 
                    Answer: N/A 
                    8.8.2 Has the entity taken any steps, or does it propose 
                     to take any steps, to raise further cash to fund its operations 
                     and, if so, what are those steps and how likely does it 
                     believe that they will be successful? 
                    Answer: N/A 
                    8.8.3 Does the entity expect to be able to continue its 
                     operations and to meet its business objectives and, if 
                     so, on what basis? 
                    Answer: N/A 
                    Note: where item 8.7 is less than 2 quarters, all of questions 
                     8.8.1, 8.8.2 and 8.8.3 above must be answered. 
-----------------  ------------------------------------------------------------------- 

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