Yeah I think $10-$12m at 30 Jun sounds about right. Whether or not a CR is required is going to be heavily reliant on the outcomes of the nifty/Paterson sales process and Renison area 5 study, both key pieces of news due in the next couple of weeks.
Even if Area5 shows phenomenal economics I don’t think an extension of debt is an option to fund - you can’t secure against the JV assets, the Citi loan is secured against Nifty. What phenomenal economics will do though is ensure equity is easy to come by and probably at a premium (likely large component is rights issue too and underwritten by APAC etc).
I’m still liking the odds of some agreement with the copper assets which will forego the need to raise equity. A big month ahead.
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