There is a negative cash flow of $4.5m. Most of this is due to expenditure of over $20m against the $15.75m that was forecast in the march quarterly.
The AGM presentation gave a very detailed forecast for production throughout the year. had this been met they would have produced just over 1000 tonnes of contained Ni. The cave in should have knocked this back to about 950 as the concentrator plant was only shut down for 4 days. For them to produce significantly less than Q1 is astounding.
Cash and Debtors decreased by nearly $10m - this is not the whole picture as creditors and stocks may have changed but $10m vs $4.5m negative cash flow needs explaining.
it is never a good sign when the CFO goes when bad news like this in announced.
The quarterly report raises some serious questions. Albidon Action will be asking them and we will be expecting answers.
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