everblu capital – 29 april 2019, page-16

Hard to see a CR being set up given the recent raising. I agree about the projected cash outflows for the quarter but then again mgmt have history of giving stretch targets.

One thing people may be missing here is they have near on A$30m of non production cash obligations for the remainder of 2019. That is they need to deliver on Ganfengs US$11m prepayment (must be delivered against 2019 shipped cargoes) and they need to pay their 6 monthly interest in sept (circa A$13m).

I can see them getting to cash flow neutral this quarter. The question is whether they can generate $30m in margin in the back half of the year to meet these obligations.. particularly in the face of lower prices