Ann: 2015 Annual Report, page-3

you should not just state one part of a paragraph and not the rest . . . . which explains the $50-60m cash burn in Q1 2016 (which is due to no sales in q1)

In line with its forecast to be cash flow neutral through to the end of FY2016, the Company currently anticipates its group cash balance to fall to US$120-130M at 30 September 2015. The reasons for this cash burn in the quarter to 30 September 2015 include:
 Timing of sales under key contracts – The impact of the bi-annual delivery into the CNNC contract and contractual deliveries to a North American utility mean approximately 500,000lbs of uranium sales occur in the quarter to 31 December 2015 for production incurred in the quarter to 30 September 2015. Additionally, due to timing and payment terms, the proceeds for the sales that will be recognised in the September 2015 quarter will be received in the December 2015 quarter.
 Higher than trend LHM C1 cash costs – The timing of delivery on cash flow processing related optimisation initiatives and the revised mine plan will likely result in C1 cash costs for the quarter to 30 September 2015 around US$2-3/lb higher than the average forecast for FY2016.
 Convertible bond interest payment – the first interest payment, amounting to US$5.3M, on the new US$150M convertible bond will be paid in September 2015.
 One-off restructuring costs – The Company has incurred approximately US$6M in one off redundancy, restructuring and implementation costs associated with cash flow optimisation initiatives, which will be predominantly spent in the quarter to 30 September 2015.