I couldn't agree more, Carmax and cash conserving shouldn't be used together.

You are very correct, the 5.5mil is going to reflect the fiscal year end for CUU. From the NR this seems to be October? Please correct if I am wrong.

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Liquidity and Capital Resources

At October 31, 2014, the Company had working capital of $6,302,000 and a deficit of $17,028,782 and had a comprehensive loss of $912,959 for the year ended October 31, 2014.

Fixed costs to maintain operations, pay taxes and upkeep on the Arizona properties are approximately $220,000 per annum, this includes an annual payment to Silver Nickel for Sombrero Butte of approximately $147,000 CDN. Corporate and general costs have been approximately $1,200,000 in 2013 and 2014.

As at October 31, 2014, the Company's cash and cash equivalents were $1.6 million. The balance of the working capital includes the BCMETC due in the amount of $4.4 million. Of the $4.4 million, 3.5 million is expected to be received soon. The Company has access to sufficient funds to meet its current overhead requirements.

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So if it indeed October, we are around 4 months. From that you could do some ballpark calcs using the 5.5mil - 1.42mil * 4/12 = 5.026mil. Now obviously some of those annual payments probably come at once and maybe weren't taken, but this is all I can get with the information. I do agree a number or guess at working capital would have been nice.

Edit: This section of the NR is intersting, seems they knew some expendatures weren't accepted, why not tell us then?

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$4.4 million. Of the $4.4 million, 3.5 million is expected to be received soon. The Company has access to sufficient funds to meet its current overhead requirements.

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