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Thanks NG. Yes I see. Cash burn implies turnover. Then you extrapolated the last published run-rate to estimate likely run-rate for each month Jan-June 2017, producing a total consistent with the known cash burn. Did you assume linear growth Dec16 - June17? (Obviously I could make a graph and find out, but why reinvent your fine wheel?)

Good thread topic Slowburner. Thanks for those figs Noirgold. Are they lifted from BGO reports? At current market of £126M, and assuming costs remain £5M p.a. Noirgold's prediction implies net earnings of approx £7M for 2018 (assuming no growth in revenue or EUS after dec 2017), or a PE of 18 at the current SP. This seems extraordinarily cheap for a company with BGO's growth prospects!