1.4mil shares shorted yesterday - are they nuts?
So typical of some investors that never look past the drop in the cash balance($45mil to $12mil) to find out the detail. This quarter's combined cash at bank($12mil),debtors($4mil) and concentrate held($19.5mil) totalling $35.5mil compared with last quarter's cash at bank($45mil) and concentrate held($8mil) totalling $53mil - so a net drop of $17.5mil but they invested $8.5mil in development and exploration costs and $5mil in the one-off 5yr survey/refurbishment of their transshipment vessel,MV Wunma to account for most of the net drop.
The concentrate held of 19.5kt worth $19.5mil has already been sold/shipped to the Townsville smelter owned by Korea Zinc and would have been settled already.
And they probably don't understand that as of today NCZ has $55mil ++ in cash.
NCZ Price at posting:
25.5¢ Sentiment: Hold Disclosure: Held
