early production, page-15

Satvin

You may be correct but arbitary statements like they have plenty of money to see them through doesn't fill me with a great deal of confidence. Assuming all the money drawn down has been used (they probably wouldn't pay in advance) they have spent 50m from the start of October to now. They have 50 odd million left to drawdown. From now we have 3 months till commissioning the plant including a slowdown over christmas. Then once the plant is running we have initial teething and production build up. Then we have a concentrate that will be shipped overseas and the wait for payment(mayby 30 days?).

As an example VRE stated they are having lots of problems in startup with equipment and labour. They also have a nickel mine with production starting in Jan - they estimate the mine will be profitable from June onward.

Not trying to sow any doubts it justs seems like a very high cash burn rate over the last 3 months.