I'll try to answer some of your questions but you really do need to do your own research.
1) share count is now above 1bn; is this after a recent Cap raise? looks high to meRecapitalisation 26/6/2019 485,719,962 shares + 33,182,555 (as below) Options:
2,000,000 unlisted performance options.
5,333,333 unlisted incentive options.
1,155,001 unlisted remuneration options.
7,666,667 unlisted options exercisable at $0.2625 on or before 11 June 2021.
2,916,667 unlisted options exercisable at $1.1250 on or before 11 June 2023.
3,854,862 unlisted options exercisable at $2.9625 on or before 2 February 2023.
3,854,862 unlisted exercisable at $3.3375 on or before 2 February 2023.
509,500 unlisted options exercisable at $3.1125 on or before 2 February 2021.
66,667 unlisted options exercisable at $6.1875 on or before 2 February 2021.
2,178,331 unlisted options exercisable at $2.9625 on or before 31 January 2023.
2,178,331 unlisted options exercisable at $3.3375 on or before 31 January 2023.
1,468,334 unlisted options exercisable at $2.8350 on or before 8 March 2020.
26/8/2019 - Placement (18.5c) - 57,559,910 shares
3/7/2020 - Placement (@ 23c) - two tranches (tranche 1 - 95,667,216 tranche 2 - 78,245,828 = total 173,913,044 shares
Rights issue (@ 23c) - 66,000,000 shares
3/7/2020 Total after placement & RI - 838.4m
8/6/2021 Placement (@ 17c) - 124,000,000 shares
Managing Director - 588,236 shares
SPP (take up) - 4,382,393
Current shares on issue is 973,734,505
As you can see there have been 3 Capital raisings since recapitalisation on 26/6/2019
2) the retained earnings situation of 300m of losses looks like it might be 2-3 years before this can turn positive to even think about paying divvies. what does the ebitda of this year look like (as a guess from shareholders)
The tax loss is largely prior to recapitalisation on 26/6/2019
No real idea of EBITDA - I'm just looking for +ve cash flow in Q1/ FY21 - as expected they lost money in FY21 - first gold on 7 Feb and then problems in commissioning (sticky ore) - commissioning problems are not uncommon and was need for placement/SPP on 8/6/2021.
3) the cash burn rate looks concerning; is this sustainable?Not sustainable - hopefully breakeven in FY22/Q1. Guidance (from DFS - see
HERE) financial case (a 2 PoG's - currently PoG (A$2,497) is near "spot case") is:
A Friday's SP and (30 June 2021 cash) OBM's EV is A$80.33m which at the DFS AISC of A$1,615/ozs & FY/22 guidance production of 80,866ozs gives an EV/EBITDA ratio of 1.13 (i.e it pays back its EV in about 14 months!)
4) this mention of "processing issues fixed", is obm now through this?
OBM (Peter Nicholson) say they are but still have issues (i.e head grade, SKALA underperformance) to resolve see below (from D&D presentation 3/8/2021):
The see OBM's 3/8/2021 D&D presentation see
HERE
(20min delay)