Ann: Appendix 4C - quarterly, page-5

Thats right BM.

I mentioned this in a previous post but there was no way they were going to be cash flow positive for this qtr. Outflows were way over 10M (as flagged in previous qtrly).

Cash balances are being sucked up due to growth plans. I would expect another 2-3M to be expended in order to get fitzgerald bay up and running. They'll need pens and a dock/wharf as there is nothing up there at the moment. Theres also the issue of transport. The extra supply coming on tap will dampen prices.

Theyll need another CR this yr. Best to stick to the sidelines on this for now or exit and wait for a cheaper re-entry post CR.