>A quick question on the new Australian company being set up for the Beetaloo. As best as I can understand the new structure, any investors in the new Australian company would not own any part of the Mako or Karoo properties - is this correct?? The original Falcon, which we are still shareholders in (but at much reduced levels these days) would still have a 75% equity interest in the new Australian company, but at a somewhat arms length type of control - correct??

Yes, that's how I see it as well.