Even if you remove the loan from the equation Calidus is about...

Even if you remove the loan from the equation Calidus is about $11m underwater on current account, with $11.8m current assets v 22.4m current liabilities. Seems like they are surviving on extended terms on payables ATM. MAH might be wearing some of it for a little extra return. Also it helped that they had no loan repayment in Jan, but seems like it is $5m pcm now.

It says in the report that trade payables are usually settled within 30 days. That is a bit over $13m, which is more than their cash levels at the half year alone. 10,000 oz of gold sales has got them over $25m in the door, but their AIC might be near their gold price received with high strip ratios ATM.

Fortunately they don't need to account for their hedges in the accounts, which would have been another $35m or so M2M of liabilities, some current.

They must have had hedges at a much higher price than 2444 that were used up before end of the half year, as in the annual report they had gold delivery commitments within 12 months of 50549 @ $2444 (and then another 106250 @ 2367 thereafter), whereas at the HY they had 126835 all at 2367. This would have been a help, but now is gone.

Seems like they are clinging on with their fingernails. Good on management for doing their best to avoid diluting shareholders!