Agreed its lipstick on a pig.
This announcement is to prime shareholders for an absolutely terrible Dec quarter. The statement of only 0.4 Mwmt shipped from Koolan Is for Dec half 2022 means that there are no more ships booked this year as 0.3 Mwmt was shipped in the Sept quarter.
Cash draw will be the same as last quarter, so the cash balance end of Dec $130 million???
I wouldn't get excited about the March 2022 quarter either, the stripping will still continue and sales of 65% grade will be extremely limited. The stripping ratio will gradually improve, it won't be overnight.
MGX really needs to get moving as the cash is disappearing fast.
The iron ore price is rising but with no ships then its a moot point.
MGX Price at posting:
42.5¢ Sentiment: Hold Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)