Ann: Annual Financial Statements, page-23

Except the fact that they don’t have the additional $40M working capital facility to draw down. Increases the chances of another highly dilutive cap raise. That sounds forward looking to me.

NCZ only get paid once shipped so only need one decent operational issue to blow the bank. Cyclone/wet season starts end next month and runs to end of Q1 next year. We know that production was affected last year so decent chance it happens this year as well - so there go the fall in cash costs etc etc.