Ann: Consolidation of Financing Arrangements, page-73

in regard to the interest bearing liabilities stated, this is why its listed as current according to notes

Current interest-bearing liabilities of A$19.15 million relate largely to drawings by Tawana during the year ended 31 December 2018 under a funding package from a consortium of lenders led by Tribeca Investment Partners Pty Ltd. As at 31 December the A$20 million tranche was classified as current due to the Company falling outside of a threshold on a production related covenant by 3% as at 31 December 2018, which event was subsequently waived by the lenders. The classification of this loan as current has resulted in reported negative working capital as of 31 December 2018.

in regards to the acquisition costs

$12, 877M, these items were expensed in the p and l, if you assume these are the total expenses

1.5 million is listed as acquisition costs paid in the 12 months in the cashflow statement 31 dec

therefore balance outstanding to be paid at beginning of the qtr was 11.377 M and thisfigure would be within the trade creditors total of 32988,,,,,

so trade creditors excluding acquisition costs payable at end of year 21.611M
add acquisition costs payable 11.377
total payable end of year 32988.

Yes agree these will be big cash outflows in the future but they will also be offset from the cash and equivalents they had on hand as at the report date, the receivables, and the final amount they realise from on hand that is sold. I think the margins post the 880 shipment were lower despite improvements on costs and hence the need for more funding in the form a of net debt increase

If you look at their forecast of outflow you posted, they forecast 7.5 M to be paid this qtr for acquisition cost, clearly if they paid all the costs they would be overbudget but perhaps some are not due until the following qtr.

clearly you don't increase net debt towards the end of the quarter if the cash inflows are sufficient to meet obligations.

There may not be any more acquisition costs being accrued going forward, but there will be more development costs, (upgrade to dms which is being studied scoped and sustaining capital costs as detailed in the revised mining plan over an above normal operational costs.