Unless they broke even from a cash perspective, that is they have more than A$18m in the bank at 30 June then they’ll have the hat out again IMO, or doing a JV. In any case this company still has an EV of $400m, which with stage 2 looking a world away (don’t forget Gina has a 5% royalty on a large part of those additional tonnes) it hardly looks cheap. I can’t see how this is an attractive investment given the supply situation over the next 12-24months but I’ll leave everyone to their own devices, no one has listened thus far.
