That's a good update. The way I look at it:-HMC Production:-...

That's a good update. The way I look at it:-

HMC Production:- Helped by a higher grade and improvements made with DMU and Tailings the HMC productions has been consistent for last few months. May was higher (31 days) followed by drop in June (30 Days). Safe to say that the team could raise this further and aim for 90% of the nameplate capacity by Sep24. They will need the grades to be higher. A higher production for September Quarter will result in a lower C1 cost.

Selling Price:- This is the first time I have seen them mention the selling price. That's a good start. Lets just hope they can continue to improve the quality of the con and get this price to move upwards towards 4 digits?!

Cash management:- The cash injection from Tanz assets will help to repay the super senior facility and provide some working capital headroom to keep the nose above water. The repayment of SS facility will also be important to get a debt refinancing deal done.

MSP:- They have held the cards close to chest here - clearly this is the decider whether STA lives or Winds down. Even if the improvements in HMC continue the free cash flows will not be able to sustain a high debt. Therefore they really need to get this MSP thing going.

Overall - I think there is a chance - Its not dead yet!