Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-4

Very much agree SB.
I should have also added, that EMR might well be net cash by the end of this year. A great achievement for any miner!
Current debt approx $73m AUD. Cash+Bullion $61m AUD
The Sprot debt facility is still sitting there unused. I cannot help but wonder if this is about as good a time as any to use it.
As in, West Australian producers are on their knees (well, most of them), due to high costs and holding back on building new plants (developing projects). Add in the weakness in the AUD, and the US $100m facility can go an awful long way in regards to an acquisition.
So buying a struggling producer, which could then have bolt on acquisitions, could make sense, as it would potentially quicken the time to being able to pay dividends. So... getting an asset that is 2-3 years away from production.
Anyway, really hard to know, since the EMR team are being so cagey.