Proper cashflow analysis, page-35

It's quite simple, and it's not rocket science, and it's all stated in the quarterly, very clearly.

Without (any) of the capital raisings, they would have burnt through a $40 million loss for the quarter.

I believe they have laid off 200 workers, and stopped production.
How can you put a good spin on that?
And how can you put food into those worker's children's stomachs?

They have not stated when they will resume production, or at what cost.

And they still have not reached nameplate capacity, and don't seem to know when (or if) that might be.

In fact, for the workers (and their families) and investors, it's been a balls-up of mammoth proportions.

The Spodumene price continues to fall (just check the recent article from Mining Intelligence).

The recent rise from 30c to 38c, and subsequent fall back to 35c was probably some short covering, and some fund ramping in order to give their SPP clients a chance to sell for a small profit.

How big will the loss be next month?
Because they've shut down operations, it might only be about $20 million.
So they are effectively in capital preservation survival mode (CPSM).

How can anyone put a rosy complexion on this?
You'd have to be about as blinkered as some of the horses in the Melbourne Cup.
And the chart looks like Chernobyl after the nuclear meltdown.

Gw