mt marion, page-4

So based on the reported figures from MIN, their EBITDA for FY18 is $50.34m based on their 43.1% share of total EBITDA of $115.7m for Mount Marion.

Based on this figure, Neometals EBITDA for the full year will be approximately $16m. Given they reported their 1st half EBITDA of $7.35m, it stands to reason the 2nd half EBITDA for Neometals will be just over $8.6m.

The JV shareholder loan of $4m was also paid back post (last) quarters end and if I read it correctly it was not reported as received in that quarter... So this puts the current foretasted cash position as follows:

+ Reported cash and cash equivalents at the end of quarter +$30m (per last quarters financial statement)
- Minus projected cash spend for next quarter -$7m
+ Loan repayment received +$4m
+ Mount Marion EBITDA income for 2nd half $8.6m

--> Therefore projected cash and cash equivalents at the end of the next quarter will be approx $35.6m or thereabouts.

Now as Justingiles eluded to, the forecast for conversion to all-in 6% is projected to increase RIM's revenue from FY20 (against end FY18) by almost 80% which will see the annualized revenue increase by A$257m to A$592m. Based on the fact most of the commissioning of the upgrades is forecasted to commence in q2 FY19, then profit guidance for next year will be heavily weighted to the second half of the year. Fy20 should be a bumper year, especially if we add Barrambie DSO to the mix!