Ann: June 2017 Quarterly Activities Report, page-26

Wow, chicken littles! Easy there fella's - you'll do yourself an injury with all that furious typing!

So, the HMS part I thought was interesting. The feedstock is clearly too dense for the circuit but if you do the math they got that up to about 20t/hr at 70% recovery which is a step in the right direction. The hydraulic monitor (water cannon) will improve this to 50t/hr and pleasingly - it's being commissioned in July, so we will get the benefit for the whole quarter. They've also put a timeline on ILS pond repairs which was a major complaint point for me with the last report. So it's moving in the right direction, and credit to @Yeatesy for calling out the insurance claim for lost production. 6 months loss at = 2,500t? That could be worth over $10M+ to TGS.

Going forwards, I would be surprised if they needed north of $20M to resume mining and overburden removal, but whatever the figure, I'm glad that creditors are talking more loans to kick this off.

Key concern I have is when they will resume mining and what that means for cashflow from December onwards when they finish processing existing stock.

This quarter was never going to be great. But the trajectory is good. There's no new bad news IMO and lots of green shoots that new management (COO, CFO, CEO) taking it in the right direction. COO in particular looks like an African veteran - good to see. Chin up chaps. Stiff upper lip and all that.