1st Half Results Today - Another piece in puzzle.., page-2

Gotta say, not much good news in the half yearly... At best it's not as awful as it could be.

This paragraph needs some interpretation:

"As at 31 December 2015, BC Iron’s cash balance was A$42.9M. Debt outstanding was A$6.8M and BC Iron also has an obligation to repay A$9.0M in deferred royalties to the State Government between March 2016 and September 2016. As previously advised, BC Iron anticipates incurring further net cash outflows relating to temporary suspension of DSO operations at the NJV during the March 2016 quarter, although this may be partially offset by cash flows from any alternative NJV operating model (such as an ongoing low grade operation)."

So... They have $42.9 million less $6.8 million debt = $36.1 million.
Less $9 million offset royalties = $27.1 million.
Less further costs of shutting down the NJV (say $3 million) = $24.1 million.

The cash position at 31st Dec 2015 is somewhat optimistic of the overall position but the good news is that there should be $2-$3 million per qtr coming in from Iron Valley and the potential to drip feed the stockpiled low grade ore out to FMG with a trial underway. The FMG deal for the low grade ore will be very important to plug the $9 million royalties hole.