Ann: Kipoi Expansion and Funding Update, page-36

UD,

Then lets hope this next qtr sees them with a cash at bank in excess of $50mio by next qtr.

They'd have a starting balance on or near $20mio after acquisition was finalised and quoted in the last report they have in excess of $35mio in trade receiveables / concentrate / cathode in transit or awaiting immediate delivery.

The quicker they discharge and pay down the Taurus debt the better imho.

On some quick calcs based on the following assumptions:
Qtr production 7000t
Copper price $6,400/t
= Revenue $44.8mio
Projected outflows stay constant as per Sept-14 App5B ,<$29mio>
Leaves them with $15.8mio free cash
Gerard Metals payments kick in:
3 x 4.16mio=<12.5mio> principal
Interest of say 7.5% on 75mio = <1.4mio>

That just leaves a paltry 2mio left over.

That why cash at bank on the next qtrs report is critical.
gltah