My laughter
@robbo25 is not at the investors, it is at the company and a pisspoor capital raising, that from my perspective has occurred because a director had to tip $2.8 million in to keep the company afloat, otherwise it would be operating on $1 million why was that? To remain solvent? is that a fair assumption? Because otherwise the company wouldn't have needed to do it all so quickly would they?
Empathy is what I have for holders, and I will have that when the time comes for Altura to place themselves into Voluntary Administration. I wouldn't wish losing everything on any retailer, which if you take Alita as an example, it looks like that is exactly going to happen.
If I am highlighting things that are incorrect, please, let me know. I also come here to learn, but at the same time excuse me for hoping that I might be helping a few learn a bit about what is going on. Some of you I have had to take snippets from the announcements because you didn't believe any of the stuff I was saying was true, but each time I substantiated with the company own words.
Just looking at the latest quarterly
17.69m in revenue reported, with another 11,587 shipped in the quarter with payment made early October
US$600/t CIF, assume $80/t fobbing, shipping and insurance costs, gives them US$520/t, which is just over US$6m
or A$8.4 millon at 0.68 FX and accounting for 5% state royalty
That gets them positive from the production costs at the mine, but not yet able to pay for staff or corporate costs, and doesn't even make a dent in the interest they have to pay every 6 months
Guidance for Dec quarter is 50-55k tonnes shipped, up from 37kt in September quarter
At a rough calculation, 50kt using the same figures above would be $36.3m in revenue for the quarter, which would be just enough to break even, including covering their interest payments
If they have any delays or issues with shipping 50kt, they're gonna need to raise more money to meet the next interest payment.
I say that because the money they're currently raising should be kept as a buffer so that they don't need a $2.8m loan from a director at the last minute to keep the lights on. That's not how running a public company is supposed to work.
