None of us have the numbers @stumpytrunks which is making it really hard to generate a meaningful cashflow! My thinking going into Odin-2 was very similar to you. MEL's success or failure rested largely on success/failure at Odin-2. My own cashflow assumptions show around $1.2m rev. and profit (prior to any exploration) of around $250k. Hopefully that's enough for MEL to secure debt to payout the ST $1m loan and fund O-3.
On balance MEL is in a better position than they were last year. I just hope it is enough to allow them to participate in O-3 and get some real momentum.
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