End of Sept 2023 Quarter:
US$54.9m in cash
End of Dec 2023 Quarter:
US$45.4m in cash
So, US$9.5m reduction in cash QoQ.
Mercuria facility debt unchanged at US$44.1m (not fully covered by inventory, though - with inventory value dropping to US$40.7m).
Keep in mind that a coupon payment on the bond will need to be made soon. That payment combined with the average quarterly cash drawdown will put them close to breaching their debt covenant re: minimum group liquidity levels. Only a matter of when (not if). Do the numbers, ignore the noise.
No asset level deals have materialised, as promised throughout 2023.
High gearing & constrained liquidity contains to impact shareholder value. Drawn senior debt = US$144.1m (ouch).
Bryce: “inevitable recovery” (still delusional).
Ann: Jervois Q4 Activities Report and Cashflow to 31 Dec 2023, page-2
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