This is the fundamental issue and why the stock is getting dumped. Ignore the cashflows which is being manipulated on the AP and AR. Pay attention to the revenue and expenses.
$45M AUD revenue received.
$41M AUD operating costs.
Add on corporate costs and sustaining capital, and there is no margin and almost impossible to restructure because its not the debt payments which are the issue but the cash margins out of the project.
Agree with the post saying that this is more or less a zero, when consdering the net debt AUD$150M that looks pretty much unserviceable, with only AUD $14M cash on hand, notwithstanding the muddying between the AP and AR meaning net working capital will be lower.
Payable lead sold higher than lead produced too.
Emergency raising or triggering of debt covenants incoming.
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Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-35
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