Cannot understand the thesis here.
Drawn debt of A$220M, cash balance down to $85M and going backwards at least $20m p/q (probably more since they got an A$16M insurance payout this quarter) they’ve already drawn down a big chunk (A$30M) of their Glencore facility (A$75M) and try to claim this makes a “strengthened” balance sheet (wtf). Capricorn cost them A$43M this quarter and debt service alone is A$19M. Cant see a catalyst here especially as cu price weakens.
Unless you’re a bagholder waiting for an exit point, what’s the catalyst to buy here? Looks like they’ll have to be passing the equity hat around again sooner or later.
Ann: June 2024 Quarterly Report - Investor Presentation, page-9
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Mkt cap ! $344.0M | |||
| Open | High | Low | Value | Volume |
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| No. | Vol. | Price($) |
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| 4 | 70178 | 49.0¢ |
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