Nifty Sale, page-20

Just looking at cash balances... At 30 June $14m, repaid $30.5m Citi debt, replaced with $25m APAC debt ($26m less loan establishment fee) leaves roughly $8m in the bank. Nifty we know is down to $1m burn a month on C&M.

That leaves Renison with a bit of work to do in order to keep the coffers full. At >$25,000/t for tin at the moment they should be churning good cash even whilst recycling some cash into capital projects. Also note the inventory at the end of last quarter - sales 570t below production. On the assumption this is caught up this quarter that’s potentially 570t x A$25,000t x 50% is roughly $7m gross proceeds. Provides some comfort that we see out this period until a potential sale resolution and rerate of the share price before any potential capital raising.