Cash at end of Sep QTR: ~$7.4M Cash at end Dec QTR: ~$6.15M
Let this be a lesson to the fear-mongers who were preaching "burning cash" and "imminent CR" and "CR will be announced by the end of this month" etc etc etc.
I pointed out last QTRly report that the consequent salary cost savings due to the reduced workforce were NOT seen in the Sep qtr DUE TO termination entitlements.....yet the haters couldn't comprehend/accept/recognise this key point and continued to push the "burning cash" and "fast running out of cash" narrative, by nonsensically extrapolating historical expenditure.
It was undoubtedly a difficult decision to suspend operations at Rincon and significantly reduce the workforce; imo this prudent move, however, will prove to be the correct one wrt the longer-term success of the company. They are navigating some rough seas and we will see how it unfolds as the year progresses. Capital preservation a success so far, imo.
IMO DYOR
AGY Price at posting:
2.9¢ Sentiment: Buy Disclosure: Held
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