Looking at HRZ last FY net operating cash flow - they burnt through $7m. In my opinion they are 3 priorities
1. Completion of Coolgardie gold acquisition
2. Completion BFS Study in June 2020 and FID decision End FY20
3. Getting into limited production in Dec 2019
There is possible scenario HRZ could avoid a CR in the next 12 months, but it may mean reduction in their exploration commitment which was over $3m last FY and getting some decent contribution from the limited production under third party tolling arrangement. Of course the funding option for BFS I am assuming is entirely project finance.
HRZ's liquidity position., page-9
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