Ann: Jervois Q4 Activities Report and Cashflow to 31 Dec 2023, page-9

Long-term follower and HODLer (sadly), first-time commenter here. Trying to understand their cash situation and would love fact-checking from those wiser than me. US $9.5M gone in Q4 but $4.8M of that was for Mercuria repayment (of course, they may have to do the same this quarter since their inventory doesn't fully cover the facility) and $1M was for ICO vendor repayments (which surely should be done at this point...?) No guarantee Kokkola can generate positive cash flow any given quarter, and $1.5M of that looks like it came from cobalt inventory drawdown (56 tonnes down), but if you take the $3.2M OCF apart from that and net it against other operating/investing flows, you're "only" losing ~$4.5M a quarter. Before interest...... So by end of Q1 they'll make interest payments, pay off more Mercuria, and have a little under $30M left.

Not looking good, but they should at least make it to the second set of interest payments this year? I seem to remember the debt covenants required cash to be >10% of total debt. So $16M US?