Sure those numbers alone don’t make a compelling investment case (nor does the historical SP), but apart from the BTS division the company is effectively pre-revenue and hence high risk. The potential profitability will be via the NAM & Cathode divisions.
As per Notes 7 & 8 nearly half the borrowings relate to the recent LG convertible notes which have a conversion price of AUD$1.60.
NAM is on track for production by end of 2024, but overall profitability will require significantly larger annual production volumes than currently locked in.
The positives & progress are items they highlighted prior to the P&L statement.
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