Ann: December Quarterly Activities Report and Cashflow, page-5

Yes - "cash proceeds from the sale of fixed assets" = $275k. That is an asset sale. Maybe it is one of Hamish's company cars??!!

Cashflow from operations: $233k
Less capex: ($451k)
Free cashflow available for equity: ($218k)

This is the real cashflow i.e. cashflow was negative again.

Excluding asset sales cashflow was negative for the half as well. Asset sales are generally one offs (except for BRL!!).

NTA = $0.036, although around half of that are the mining licence valuations, which were significantly written down previously and subjective. Maybe it is worth more or maybe not.

I think NTA has some relevance to compare to a P/BV versus ROE (or mid cycle ROE) versus cost of equity, which you can't do with BRL as it has negative accounting earnings. Also, NTA is a starting point for a liquidation value, but liquidation value is typically quite a bit lower due to wind up expenses etc.

Also, a number of mining companies trade/traded below net cash backing (IRN, IAU, BND - all with their own issues, but were below cash backing. BND had contingent liabilities around the take or pay contracts, but the other 2 didn't). As at 30 June 14, BRL had net debt of $4,7m, so can't trade below cash backing.

Maybe they can fund capex via presales, but that will be a very hard sell in this market, particularly when according to management Escarpment is unprofitable at current coking coal prices and NPV negative with coal prices below $170.