Appreciate your analysis, and some good points there.
Certainly the cash and liquid assets metric will be decimated, following the A40 saga, and LPD is also down since the latest placement. However I was mainly concerned with a forward looking basis, and wondering if the next quarter or two might be able to tick along at breakeven point or thereabouts (on a cash not accrual basis), considering they can sell down the stockpile accumulated in the first half of this year, and our offtaker seems to be taking regular and larger shipments now.
I would agree your figure of circa $5m cash margin for the quarter is probably right, if they get that second shipment away this month.
You then mention "less payments to suppliers contractors and employees" - I could be wrong but my understanding was this was what makes up the cash cost per tonne of mining operations? So I don't agree with that. If not paying employees, suppliers and contractors at Mt Cattlin to mine spod then what is that $387/t being spent on?
Wholeheartedly agree that we need to see standardised quarterly P&L and BS figures, and stop chopping and changing the metrics to play smoke and mirrors with us. The fact that they withheld the sales price for so long is appalling, but I'm glad that SH seems to be more transparent so far.
GXY Price at posting:
$1.10 Sentiment: Buy Disclosure: Held
