Ann: Agreement to access significant Pilbara gold deposits, page-95

From the latest quarterly cashflow report: (3rdQ)

Cash at beginning of quarter - $9.4m
Cash at end of quarter - $7.5m
= Cash depleted for quarter $1.9m

However 2 anomalies happened in the quarter which need to be taken into account:

1/ It would appear Calidus did not pay Macmahon $10.5m in production costs, which ended up being converted into equity, so this needs to be added as it is the same as borrowed money until converted to equity
2/ Calidus sold 795 ounces more than it produced for the quarter = $2.3m additional cash they received which also needs to be added. This amount does not appear to be in the opening cash or cash equivalents amount so it needs to be added in.

Therefore normalising the cashburn for the quarter = $1.9m + $10.5m + $2.3m = $14.7m cashburn for the quarter.

However, this included $15m Macquarie Debt repayment which will be $8m quarter going forward. So if we deduct $7m, then $14.7 cashburn for the 3rd quarter less $7m additional debt repaid = $7.7 million cash burnt for the quarter.

The Company is certainly not cashflow positive.

This is how I see it. If anyone can see a flaw in my calcs and/or methodology, please let me know.