Defining success in this dynamically-changing business is difficult. Metrics like EBITDA and NPAT dont tell the story.
I think cash flow from operations does, and this number is a bumper:
The net cash inflow from operating activities totalled $51.9 million (30 June 2023: inflow $22.9 million).
AC & team have a lot of drilling and development capex ahead. It is hard to finance the underground stuff - bankers happily lend against concentrators and trucks, but are leery of mine spend.
The capital raise was enough to fund that hard investment, good operational cashflow means they can do both exploration and resource definition drilling, while solid results in both enables finance on good terms for the rest.
Also, copper prices have risen somewhat in recent weeks.
Expect a solid re-rate. Very bullish.
Ash
A1M Price at posting:
31.0¢ Sentiment: Buy Disclosure: Held
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