Ann: Annual Financial Statements, page-9

First 9 Last

Share
Profile

Follow
Vector

1,544 Posts.

331

01/10/19

15:11

Post #: 40665804
Share

Originally posted by theskeptic: ↑

My back of the envelope calc:

+34m cash on hand
+40m cap raising
-25m-30m cash burn
40m net cash end of Sep
But this is the least of their problems.,,,this is the total of their on and off balance sheet obligations:

-200m mine restoration
-75m take or pay
-51m in lease
-28m in community
-60m loan
-78m in trade payables
-492m in liabilites

I think worst of all is if they ever declare commercial production (5% chance) they then have to start paying 40% of EBITDA to pay off the mine restoration bond. So these obligations become real and have a massive impact on profitability. On that note, since production is not considered "commercial" there is a whole lot of costs/expenses being capitalised at the moment.... so the net loss for the year of -21.5m is lipstick on a pig... the number looks greater than -60m. This was mentioned as a Key Audit Matter in the financials.

The next cap raising will likely be a GCY/BLK type 5 per 4 deeply discounted rights issue that will keep them going for another 6 months but lock in the losses for all other shareholders forever.

Expand

Even worse than that I think. State royalty deferment has not been included - $10-15M from for 2019FY. Over the 3 year period could be up to $72M (assuming it is still in production).

NCZ Price at posting: 24.3¢ Sentiment: Sell Disclosure: Not Held
2 Upvote

0 Great analysis

Reply

Top Stories

Week 46 Wrap: Copper hits 2mth low as Trump threatens net zero pace; US rally fades; HotCopper’s picks

3DA

To make modern missiles, you need 3D Printing. And in that gold rush, Amaero is selling shovels

GDM

Banshee's historic trenches prove rich in antimony and gold for GDM

BNL

Blue Star Helium sees approval for five more wells at 'Galactica/Pegasus' project in Colorado

IRX

InhaleRX gains approval for clinical trial to test non-opioid therapy for cancer pain

HotCopper Highlights: Your most watched stocks for Week 46, 2024

CUF

CuFe sells its Crossroads gold royalty to Northern Star for $4M cash; says better than waiting for mine launch

CLE

Cyclone signs MOU with Vale for development of Iron Bear play

EEG

NT Gov't delivers environmental approval for Empire Energy's Beetaloo Carpentaria pilot gas play

BTH

Bigtincan's Board backs Investcorp offer: Why a NASDAQ listing could be game-changing

First 9 Last

Add NCZ (ASX) to my watchlist

Ann: Annual Financial Statements, page-9

Top Stories

Week 46 Wrap: Copper hits 2mth low as Trump threatens net zero pace; US rally fades; HotCopper’s picks

To make modern missiles, you need 3D Printing. And in that gold rush, Amaero is selling shovels

Banshee's historic trenches prove rich in antimony and gold for GDM

Blue Star Helium sees approval for five more wells at 'Galactica/Pegasus' project in Colorado

InhaleRX gains approval for clinical trial to test non-opioid therapy for cancer pain

HotCopper Highlights: Your most watched stocks for Week 46, 2024

CuFe sells its Crossroads gold royalty to Northern Star for $4M cash; says better than waiting for mine launch

Cyclone signs MOU with Vale for development of Iron Bear play

NT Gov't delivers environmental approval for Empire Energy's Beetaloo Carpentaria pilot gas play

Bigtincan's Board backs Investcorp offer: Why a NASDAQ listing could be game-changing

Featured News