Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-10

New guy has to be praised for all the numbers being disclosed in here, but those financials are ugly - I'm really not sure if these guys are gonna make it. By my numbers they're going to have to raise again. In this past three months they spent -$19.9M in operating activities and -$24.3M in investing activities, so -$44.2M all up. This was softened, again, by a big chunk of GST refund received ($15.2M this quarter and $10.0M last quarter), and the Taurus debt repayment being deferred. But the long and the short of it is that without that $50M raise and the additional $10M debt drawn down, they would have run out of cash this quarter (i.e. their closing cash balance at 30/6 is $46.8M and that is after the financing raised of $54.2M in section 3).

Yes they had $31.4M in sales deferred (i.e. falling into the next quarter) but don't forget the current quarter is counting the $15M from sales that fell outside the March quarter. The Taurus debt repayments are ~$16.3M due each quarter and they start up again as of the current Jul-Sept quarter (only the March and June 2023 repayments were deferred). I'm thinking Taurus might have to give them another deferral or they simply won't make it? Sounds like they're going to shut Bluff down (way overdue) but I can't see how they survive unless they can raise again. There's a lot of debt to start paying back and the mines just aren't making enough money. Heaps of numbers in this report but still no cost guidance...