Ann: At The Market Raise, page-18

The key document to look out for is the annual report due later this month as this will show their short-term debt position (trade payables). They say they are 40% through the build. If you take the original capex (incl. contingency) that was US$118.4M or A$182M. 40% of that figure is A$73M. If you go back through the past four quarterlies since they began construction and total up the spend from Section 2.1d you get cash outflows of A$73.7M. Hopefully this indicates they have been staying on top of their payables. The issue they will face is if they've gone ahead with long-lead items for the processing plant, and whether they can significantly delay or cancel these orders. The other possible issue is if they have to halt progress altogether and are then on the hook for contract break fees etc. They may not have project debt, but they still have creditors and that seems the key risk now given the cashflow mismanagement.