Few takeaways:- The $40M Varde working cap facility seems...

Few takeaways:
- The $40M Varde working cap facility seems further away. Makes sense since still not meeting the EBITDA requirement to draw down. Looks like based on the Dec Q cost guidance they will not be meeting the EBITDA requirements in Dec Q either (based on C3 ~20c abv C1). Another cap raising may be likely imo.
- BFS for expansion has been delayed to end of FY20 instead of Q3’FY20. Makes sense given they don’t have the cash to fund expansion without raising.
- TCs in their graph have not been updated. They have risen further since July.

Worth also keeping in mind that Nov-Apr is cyclone season in FNQ. So would take any production guidance in these months with the risk that shipments may be disrupted and/or production disruptions may take place.