Ann: Venture Books First Shipment - Riley Iron Ore Mine, page-102

The announcement says "Once the first shipment is completed, Venture will continue to work on continuous improvement programs for the following months as it ramps up production from one to two shipments per month".

Let's say one shipment per month for the first 6 months with $2m+ income per shipment with first payment at the end of September following arrival of and inspection of ore at port (assuming ship departs 4 days after arriving during the week commencing Monday 6 September). It could arrive Friday 10 September and depart 14 September. Time to reach offload port maybe 2 weeks (just guessing here...have seen container ships travelling in Bass Strait at about 24 knots)

Their most recent quarterly cashflow report said "Cash and cash equivalents at end of period $9.488 m" with enough funds for 2.85 quarters (and we are more than halfway through the first quarter) "Estimated quarters of funding available (item 8.6 divided by item 8.3) 2.85"

They will need substantial funds to progress Mt. Lindsay. Is some more spruiking with a Samso interview followed by a surprise capital raising on the cards. I saw something like this with De Grey with a huge capital raising accessing funds whilst they had the market's attention. Also not sure when they need to pay for the plant at Mt Riley (possibly on achievement of steady state production)....just sayin'
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