Ann: Half Yearly Report and Accounts, page-4

My thoughts are cautiously optimistic. The six months included low production and sales due to work on the plant. One could assume we’ll see more time spent in production soon with a better performing plant. It should only get better from here. Customers appear pleased at the grade and the price is still fantastic at $1350 or close to US$900/tonne FOB.

The loss looks huge, however it might be deceiving as $80m has been written down, or moved from asset to in-process. Perhaps the next set of financials will be deceiving in the opposite direction. Regardless, there should be less spend and more production coming months if the PPIP works. And there is at minimum 6 months worth of cash and equivalents to cover while things start to build.