How are you calculating negative EV? I don't have them there...

How are you calculating negative EV? I don't have them there (yet). They have said "forecast to have net cash on hand at 30 June 2025".

I get the following:

1. Net debt at 31/12/24 was ($345.3M).
2. Cash received from Lumus sale was $822M
3. Cash paid out via dividend was ($300M)
4. H2 capex guesstimated at (~$10.6M) based on their estimate of FY25 capex of ($36M)
5. Likely H2 finance costs of (~$12M) noting H1 finance costs were ($14.3M)

Totaling this all up, I get a cash position of $154.1M (before any other cash inflows/outflows).

At current market cap of A$530M that's an EV of A$375.9M, per my rough thumb suck.