I haven’t crunched the cash flow numbers, I don’t know enough about the contracts FEX has with offtake partners to know how/when the cash hits the bank. But you’ve pointed out a very valid point. TBH I don’t see a decrease in cash on hand, as the CAPEX for the project is low. But without knowing the finer details and looking at all payments, we will have to wait and see. Obviously EBITDA is very different, and if the 4th ship leaves before end of month my worst case EBITDA is $17mil, best case $23mil.
But I do see a strong increase in cash on hand after June 4C.
Ann: Iron Ridge reaches steady-state production, page-85
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