Ann: Investor Presentation, page-15

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16/11/20

13:20

Post #: 48904793
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Originally posted by edshann: ↑

Hidden on page 19 they say cash is $4.5 million and debt $23.5 million at 30 September. That seems disappointing to me.

They had cash of $1.5 million at 30 June and raised $7 million in the IPO in July, so despite producing gold during the quarter cash seems to have gone backwards by $4 million. This would reflect exploration spending, interest, issue expenses and head office.

There is $US2.5 million loan repayment due on 5 October or $A3.5 million. So by early October they are down to $1 million cash and $20 million debt.

The next loan repayment of $US5 million or $A7 million is due 3 February 2021 so they need to earn at least another $6 million net before then. That is certainly possible.

However, there is also a loan repayment of $A9 million due shortly after that on 5 April so they need to build up cash even more before then.

The mine needs to produce net cash flow in the next 2 quarters of $8 million per quarter just to repay the debt. Producing 6000oz per quarter at a cash cost of $A1250 per oz with the gold price at $A2700 gets them $8.7 million per quarter, which does not leave much room for interest, head office and exploration spending. A capital raising may be needed for the last repayment and exploration.

It will be interesting to see the quarterly and how production/revenue has been tracking and where the spending has been as that will give a better guide to how we are placed.

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Hi Edshann, thanks for the post, would you have any thoughts on the quarterly cashflow report for sep?

MKR Price at posting: 47.5¢ Sentiment: None Disclosure: Not Held
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