My assumption was for zero conventional debt. But they can be...

My assumption was for zero conventional debt. But they can be creative with it as they were with the crushing plant.

Based on the announcements crushing plant was included in the upgrade capital costs $4.5mln. They went and got it on finance lease. The final (balloon) payment of $2.24mln is still part of the $17.6mln stage 1.5 upgrade and is due in Dec24 quarter. This implies that the difference of $2.26mln is split over the next 12 months - $200k per month, if it is a standard finance lease.

The burn from operations in the last quarter is obviously related to mining, crushing and producing future sales. They need to spend cash first to produce the product to sell in the next quarter. If operations were stagnant than you could assume similar costs, but because they are ramping up the costs run ahead of sales.

Not sure how EFA is a problem. Such facilities are usually covered by receivables. The only risk is that the customer does not pay, which is unlikely. I think it will be there for a couple years fluctuating.