@moorookamick
Mostly agree with your calculations except for one thing:
Your formula for estimating cash at bank at the end of Q1 is:
cash(30.9.16) = cash(30.6.16) + revenues Q1 - outgoings Q1
That looks quite reasonable at first. But this formula didn't sum up for Q4 of FY 16. According to above formula and your data the cash increase for Q4 should have been 14m (revenue 30m - outgoings 16m). But cash increase was only 7m in fact. Where have the other 7m gone? I don't know exactly, but it likely is some spending that is not reflected in the "outgoings". Maybe interest, investments, exploration?
I assume that a similar amount (7m) will be "lost" in each quarter. So, assuming all the rest of your assumptions are right, this would leave the cash increase for Q1 at 9m.
I think that 9m is a more realistic number than 16m. But let's just wait and see who is closer.
Forward Fundamentals, page-10
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