No disrespect but..."Based on preliminary estimates, the range...

No disrespect but...

"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."No disrepect

I would take any forecast released by the company with a grain of salt. They have misled and deceived investors on multiple occasions in the past 12 months (production, Aurizon etc). They can continue to increase payables to show operating cash neutral position. In fact, I expect them to do exactly that in the upcoming quarterly. This will likely put a rocket under the share price. They will then raise the money, much of which will be used to pay payables. Ideally, before the end of January so that the February half-year report does not show the inflated payables.

Announcement on 12 September 2024 in relation to $2mln grant: The final receipt of the funding and the binding contract from the State of Queensland is subject to Agriflex meeting several conditions precedent and providing the required supporting documentation, as is customary to grant funding of this nature. The Company anticipates being able to provide and execute the required documentation for this grant funding over the coming weeks.

There is no guarantee of receiving that money. It has been 4 weeks so far.

Unused loan facilities - $7mln

These are asset finance - see quarterly. Of course, the company may try and trick either lenders or the state of QLD and use asset finance loans / grant to plug a hole in operating cashflow.

Announcement on 7 June 2024 in relation to Aurizon: "The outstanding balance of the CMC for Year 1 equates to $4,146,948, which Aurizon has agreed to be repaid in monthly instalments during the 2024/2025 financial year. The Company notes that this payment already formed part of the Agriflex 2024/2025 financial year budget prior to the finalisation of the Agreement, and it is therefore not a new or unanticipated cost. Furthermore, by agreeing to monthly instalments for the Year 1 CMC, the term of the Agreement has been extended by an additional 12 months (beyond Agriflex’s extension) to 31 January 2029."

Roughly $350 per month.

Announcement 30 September 2024: Cash balance $2.5mln

So, we should be down to about $1.2mln about now. Only ways they can scrape by:
1. Stop production and sell current inventory which kicks the can down the road really until capital raising.
2. Use the grant (if they receive one) for operating cash flow instead of declared equipment finance.
3. Agree with Aurizon to keep increasing payables instead of paying cash.

In any scenario, there will be a capital raising. The only question is when between now and December.