Thanks for your response. The (optimistic) alternative, I would...

Thanks for your response. The (optimistic) alternative, I would have thought, is that BCB:

(a) meets its production target of 2.3-2.6 Mt this year;
(b) achieves its sales target of 1.5-1.8 Mt;
(c) further boosts the proportion of coking coal in its sales mix, thereby boosting its average sale price;
(d) proceeds with the sale of a 10% stake in its Broadmeadows East mine, as planned; and
(e) achieves further cost reductions as the focus of its mining shifts to Ellensfield South (strip ratio c. 5:1).

The cash burn in Q1 was excessive and unsustainable, I readily agree, but production in that quarter was heavily weather-affected (cyclone Kirrily); if (a)—(e) above are in fact achieved — not guaranteed, I realise — BCB should be cash flow positive from this point, and in a position to reduce and ultimately eliminate its debt without resort to a capital raise.

I’ll put a note in my diary for end August to check whether your gloomy prediction has come to pass!