Ann: Trading Halt, page-32

I think you're failing to see the bigger picture.

If the restructured debt and hedge became effective 1st Jan 2024, I expect CAI to be reducing their cash balance by $0.5M/week or $6M in Q3 FY24.

For CAI to have a cash balance of $20M by June, I suspect the capital raise (and/or debt to equity swap) to be around $7.5M.

At 13c, an additional 60M shares on top of 610M outstanding shares is insignificant; especially considering the new structure will allow CAI to be in a cash-building position for the rest of the year.

Looking at the FY25 guidance:

Assuming gold price is $3,250, cash inflows should be $47M.

Cash outflows:
Operating expenses: $32M
Other: $4M
Debt: $5M
Total cash outflows: $41M

If the mill operates at 10% below nameplate capacity (as you alluded to), CAI will still be cashflow positive.

Factoring in the options at 30c raising $15M and potential bond financing at the end of the calender year, this becomes interesting.