"Seems low volume reef style copper..." Do you have evidence to support this or is it just an uninformed piece of conjecture?
The following is from the auditor's report.
The Group holds $7.4 million (31 December 2023: $10.2 million) in cash and cash equivalents and has
generated net cash inflows from operating activities of $1.6 million (30 June 2023: cash outflow of $2.8
million) for the six month period ended 30 June 2024. Revenue for the six month period ended 30 June 2024
was $40.2 million (30 June 2023: $0.0 million). The Group has progressively improved its operational
performance, evidenced by an increase in the production profile month on month and the declaration of
commercial production in July 2024.
The most recent cash flow forecast indicates positive cash flows from operations, which will enable the Group
to meet its obligations, build cash reserves, and manage working capital without the need for external
financing. This forecast relies on achieving planned but attainable levels of mine production and mill
throughput. To mitigate short-term downside risk in copper prices for expected output, as of 30 June 2024,
the Group has fixed pricing for 10,000 tonnes of future copper production at an average price of $13,701 per
tonne.
"...without the need for external financing." I'd be surprised if there was a cap raise on the horizon.
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Ann: Results for Half Year Ended 30 June 2024, page-16
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