Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-8

edshann
you do appreciate at the start of any mining operations it takes a few months to build inventory. The time from commencement of production to first sales is no different to it was in BFS.
3 months to move plant , build up product and sell.

let’s be clear - the Atlas mine at this point starts after the plant is moved, as with Boonanaring the initial build up in inventory tends to be monetised at the end of operations , so in the case the cash flow gap will be 3 months as Image will be selling inventory in the July - sept quarter of 2023 , and will bank approx 30- 32m

Either way if they move to Atlas with say 82 m cash and 30 m -32 m in inventory, even if Atlas relocation costs 35m they will still be in a super strong cash position

no matter how you look at it, the facts as of today are as follows
HMC commands a great price that will increase with increasing Zircon grade expected from the last part of block and Block D-
the last 3 quarters will deliver great cash flow to add to existing cash
the inventory is worth 30 m
land is worth 20 m plus
the mining operation is simple, absent of risks associated with most commodities

i see clear value for the reasons outlined above at 15 , and bought some today and am in line for more at 14.5 . Absolutely fine if you don’t but in financial methodology terms the DCF impact from a 3 month delay is negligible. Why it’s such a concern for some is perplexing, even more so considering you have no exposure

what we get from IMA quarterly is clear and honest commentary on aspects of the operation - if one pays attention to the detail in this reports vs some resource companies , one appreciates what a good management team we have - nothing is left to gues