Ann: AVHPL Accounts , page-3

People prefer to hear good news from a vested interest rather than neutral analysis from someone with no vested interest. My concern is also some mums and dads might think windimurra is a cash cow.

The $2m free cash will have been burnt. I suspect the bond holders will be getting twitchy if the cash reserve gets too eroded. With no working capital life will be tough.

I was cautioning about clays and oxidation when share price was above $2, and being told MM knows the place better than I do. "if it was such a problem they wouldn't build the plant". When beancounters run a financial model they tweak the inputs to get the outcomes they want. They ignore technical advice, assuming an afternoon setting up an excel spreadsheet is as hard as a resources project gets.

Also the ferro kiln - as far as I know it's the only electric arc furnace that can run off gen sets. All others are connected to grid power, since the spontaneous load to set the arc is huge and gen sets normally blackout. So hats off to the windimurra team, thats quite an achievement to get one to work and make 7 tonnes of FeV80 in 4 months.