From listening to the Crux interview, it sounds like hedging and...

From listening to the Crux interview, it sounds like hedging and debt repayment have been paid this quarter despite the agreed breaks. This could make sense given the tone around the time of the restructure that DR was reticent to do both the CR AND the debt restructuring at the same time, but was obliged by Macquarie, so it was in essence a double dip on the balance sheet. The CR and share subscription were both over subscribed and so it’s possible that the debt/hedge forgiveness were forgone to make some headway on the liabilities, in light of the larger than planned equity injection. Just a thought, it’ll be evident in the quarterly, so anything else is pure idle speculation for now.

I’d have liked to have seen some free cash used on capital investment, such as the Bulletin overburden clearance - however, if this has now been deprioritised behind Nullagine (which again, seems likely as it’s wholly owned, cheaper capital start up etc. etc.) so be it. Again, it’ll become clear fairly soon, and until it does, speculation is broadly idle.