You've been speaking the 'cash is getting low now' angle for...

You've been speaking the 'cash is getting low now' angle for months, months. Probably 6 months or more. There must be cash in the bank becoz those lights are still on...that is a fact. And not only that, they're still loading trucks each day, another fact.

Based on your concerns of their dire cash position for the past 6 months (or more), the fact they haven't done a CR by now must mean they are making money because as you've pointed out they would've otherwise run out of money by now (based on your assessment of their production to date). In fact, their product must be achieving better prices than you thought, or they are producing more than you thought, otherwise based on your assessment and expert advice over the last few months they would've needed to raise cash by now. But they haven't raised cash. So they are cleary exceeding your expectations. That is another fact that time has proven correct. Perhaps a buy indicator for you, if you take the blinkers off??

I await confirmation of sales info, but in anticipation I take my hat off to management. No CR and imminently cash flow positive as per announcements.