Opex doesn’t include capex and exploration etc. I think $20M free cashflow for JQ might be achievable. If you include the equity raise you might get close to $100M in the bank by the time the JQ is reported. Yes it’s still messy and the reason I focussed on the top third of the cashflow statement. In an event I consider this still a messy quarter. Finally, if I were a betting man I consider the odds greater than 50/50 that we hit 30koz in a quarter this year, my tip is the DQ
Ann: Norseman Project Growth Plan Presentation, page-23
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