"Its its not clear enough they are referring to Q1(next quarter from time of composition in DEC.), just use the reference of the remaining budget....makes it CYSTAL CLEAR!"

Let's just agree to disagree on this point.

I have a friend, a retired CFO who wrote MD&A reports for public companies for some 20 odd years. Since the The MD&A is written after the fiscal period has concluded, any reference he made to "this quarter" or "the current quarter" meant the quarter after the quarter to which the financials pertained (i.e. the reference point was the date of the report). "Next quarter" would mean 2 quarters after the reporting period. He was a real stickler for proper English and that's the way he wrote his reports.

The date on the Zenyatta Q3 MD&A report is February 18, 2015 and the fiscal period is Oct 1 - Dec 31, 2014. Thus the current quarter refers to the period Jan 1 - Mar 31, 2015 and the next quarter refers to the period April 1 - June 30, 2015. That's how my friend would have handled it. Whether or not the Zenyatta accountants followed the same protocol, we will just have to wait and see.

I do not expect Zenyatta to deliver a PEA before April 1st, 2015. Apparently, you expect one prior to the end of March. Time will tell.