Been a while since my sell 25c call, didn't age too badly although they managed to give it a pump and unload another bag to some LT major holder. We'll done those gifted the opportunity to average down at 12.5c, probably breakevens at 25c after a sweating bullets ride. No so lucky retail mushrooms buying all the way down, then told to fight for almost non-existant volume scraps below 15c post CR... like it's a simple thing when way under water to ave4rage down at 10-15% higher than the insiders and brokers
Anyway, I looked at the half yearly as I do to consider how the cashflow is going during this critical commissioning ramp up stage. From Dec quarterly we know loans are maxed out, $40M cash on hand.
From the half yearly we know they have $22M in unpaid invoices sitting in Acc Rec waiting for Dec 31 to pass by so they can pay the next month's instalment. Actual Net Cash after invoices payable is actually under $20M to start this year...
So what is the quarterly spend and revenue going forward? Although there won;t be $30M project development this Qtr, "decrease significantly" doesn't mean none at all...
I got annual Opex Expenditure of $164M from the 2022 Update, or average $41M per Qtr. Given the insane inflation in WA regards underground workforce and costs, some chance Abra's Qtrly opex comes in over that average, especially given start-up inefficiencies and expenses.
My Question... with $20M net cash on hand incl unpaid invoices, $41M in quarterly opex ahead, still 'some' project development bills to roll in, how much tonnage of concentrate and what revenue do they expect to receive this Qtr to pay for it all?
Thanks in advance
(20min delay)