They would have to do a much better job of detailing where the money is going if they want to pull off a capital raising. It's burning through plenty of cash, and clearly this won't continue forever, but nobody has been given information on how much longer it will continue for.
It's woefully inadequate to state they lost A$103m in 8 days, give bugger all detail, and not say a word about what projected outflows will be in the coming months. Even with lower commodity prices, assuming one can trust the quarterly report production costs, they would still be running at a net operating profit excluding capex.
If PH sells for $1bn will be a sad day, cost more than that to construct, not to mention it's sitting on a world class resource. I hope my interpretation on the JV arrangement for PH is correct. That is, the company knows it can't afford to let it go, so isn't entertaining third party acquisitions, only joint ventures. Though worse things have happened in this market, with the ADY sale of lithium assets, which I know is the only reason many held in the first place.
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