Agree with your analysis, Van, though this bit needs more thought: Currently $200m market cap, $60 - 100m more needed to get the new plant up to speed.
A1M has to spend on underground development, exploration and definition drilling, mining equipment and concentrator plant construction.
A1M has ~$60m in cash and is FCF positive at 30 Sept.
Banks won't lend for underground works or drilling, but will against mobile equipment and above-ground kit - things that they can take away and sell in a default.
So, very roughly, I see the cash going to underground works, FCF for drilling and borrowings for mobile equipment and concentrator upgrades.
The key variability is the PoC, which brings forward or pushes back drilling. Copper is trading around $US4.30lb, so that looks good, though holders need to watch it closely.
Ash
A1M Price at posting:
35.3¢ Sentiment: Buy Disclosure: Held
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