Ann: Jervois Q4 Activities Report and Cashflow to 31 Dec 2023, page-2

End of Sept 2023 Quarter:
US$54.9m in cash

End of Dec 2023 Quarter:
US$45.4m in cash

So, US$9.5m reduction in cash QoQ.

Mercuria facility debt unchanged at US$44.1m (not fully covered by inventory, though - with inventory value dropping to US$40.7m).

Keep in mind that a coupon payment on the bond will need to be made soon. That payment combined with the average quarterly cash drawdown will put them close to breaching their debt covenant re: minimum group liquidity levels. Only a matter of when (not if). Do the numbers, ignore the noise.

No asset level deals have materialised, as promised throughout 2023.

High gearing & constrained liquidity contains to impact shareholder value. Drawn senior debt = US$144.1m (ouch).

Bryce: “inevitable recovery” (still delusional).