Ann: Annual Report to shareholders 2024, page-8

It is worth adding that the last quarterly showed that the company had $7.2 million in unused loan facilities available in addition the $2.5 million in cash. Plus there is the $2 million Queensland grant announced on 12 Sept. They would seem to have enough financing available in the short term at least.

The deficit you calculate on inventories less payables needs to be treated carefully given the above additional financing facilities and given inventories are valued at lower of costs and net realisable value (which includes sale costs). If inventory was worth $13 million with $13 million in freight to port it would be valued at zero.

Last year's quarterlies show the cash deficit on operations was only $1.2 million in the last quarter, with production still ramping up. So to avoid a cash raising the next two quarterlies need to show operating cash flows moving positive. That seems possible to me, but time will tell. This seems in line with the company forecasts:"

"Based on preliminary estimates, the
range of beneficiated phosphate sales is expected to
be between 70,000 and 80,000 tonnes for Q3, and
between 90,000 and 100,000 tonnes for Q4. The
lower end of this range underpins the Company’s
expectation of shifting towards an operating cashflow
neutral position in H2 CY2024."