Ann: Non-Renounceable Entitlement Offer Completed, page-53

AUD16m loan payment due in February.
The issue isn't with the quality of the concentrate.
The issue is with a level of debt that clearly exceeds the company's ability to meet its obligations without frequent cash injections.
The Ganfeng prepayment has also made life difficult for AJM considering they are likely the largest current offtaker and are reimbursed 30% of the shipment to clear the prepayment.
I understand some posters have referenced some payments for shipments that were not received in late September, but on the other hand with only a $1m cash balance at the end of the quarter and the need for a director to facilitate a loan as an early payment for the rights issue raises questions of whether some bills were pushed a week or two into the Dec Quarter. That is the difficulty of assessing cash flow statements.