Ann: Half Year Accounts, page-6

they are valuing the assets for sale at 7,764M - time will tell what they realise

fascinating read, she was certainly in a very poor position at the end of the year on paper.


haven't done the modelling but it still is subject to the following covenant

 For quarterly reporting periods after the 30 September 2018 the net debt to defined
EBITDA ratio shall not exceed the ratio of 1.5:1.


commercial production being declared you could perhaps use the following information to estimate this qtr


Stage 1 has a nameplate capacity of 220,000 tonnes per annum of SC6.0 spodumene concentrate, which equates to production of 645tpd (tonnes per day) (inclusive of planned maintenance shutdowns) and an overall lithium metal recovery of 80% (see ASX announcement on 26 September 2016).
Production in recent weeks has delivered an average of 541tpd which represents 84% of nameplate. Production in March to date has averaged 612tpd, or 95% of nameplate with a maximum of 705 tonnes produced within a 24-hour period.

JAn 541 TPD X 31
FEB 541 TPD X 28
MARCH 12 TPD X31

for possible total (note they say resent weeks) 9assuming jan and fed equals average of resent weeks)
so maybe approx. 50891tons  this QTR at best

obviously if they get near this figure it will be a great improvement on last QTR.

but to make an ebitda they have to sell it all

question,  what would the  EBITDA this quarter  be if that sort of production and sales was generated?

Net debt we know will drop in theory by what has just been raised.

Production is clearly improving and the equity raising goes along way to reducing net debt this QTR, but I highlight the ongoing risk to loan covenants, as the above ration seems pretty big hurdle to keep the loan in check.

any thoughts