Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-86

If spod is being shipped to China, it's not arriving for a month or so and I assume we are not being paid until it arrives (if not after). I use to have terms with an international supplier 30 days after arrival in Australia - so essentially 90 days.

During production/sale ramp up with credit terms, there is always going to be a miss match between reported sales, reported costs and cash collections.

Production costs are done on an accrual basis - which means all invoices for production costs in that quarter are included, regardless of whether they have been sold, paid for or not. Stock pile was increased by 56%. NAL has enough stock pile for no mining for a couple of months, substantially lowering their production costs for the next quarter, if they want to lower their cash burn.

My own take is that there is not enough information in these reports to have a proper assessment on the company's true cost of production and upcoming cash needs.