Positive summary Thinkin Loudly. I hope you're right, but I am...

Positive summary Thinkin Loudly. I hope you're right, but I am still extremely sceptical.

Cash costs are coming down - but $3.10 vs forecast $1.90-$2.00 is a sorry performance after the strongly worded target statements of December and January.

Problems - Zeta Underground is on hold for now. Explanation is because of the corporate transaction negotiations. Reality is because of lack of funds.

Coal fired power station project is on hold - due to lack of funds too, I'd imagine.

Nil exploration done during the quarter either.

Take out the hedge closed out during the quarter and the Company is still cash flow negative.

Remember that (as announced on 1/7/13) if an appropriate corporate transaction isn't announced by 31 July the lenders will deem the Company to be in default. I note that this wasn't mentioned in the quarterly though.

Best case scenario is that the Company scrapes through with improving cash costs and a capital raising. This will lead to period of low share price as the hedges run out at the end of the year. We are then at the mercy of the copper price market.

There's still the very real risk the lenders will run out of patience and convert their debt to equity and wipe out existing shareholders.