Ann: Quarterly Activities and Cash Flow Report Sept 2020, page-2

"Speciality Metals International Limited (the Company ) does not expect that it will continue to have the current levelof net operating cash flows because much of the capital costs for the modernisation and ramp-up of both the quarryand the retreatment plant have been incurred and for the quarter ending December 2020, there will be increasedrevenues from the fulfilment of the $4m Bama quarry contract, and from the increased tungsten tonnages resultingfrom the addition of sorter feed to the retreatment plant."
"With the expectation of an underlying improvement of revenue generation for the quarter endingDecember 2020 (as outlined above), the Company has not taken any steps, nor does it propose to takeany steps with regards to a capital raising to fund its operations."

That is damn good news, expecting to be cash flow positive in Q2 with no expectation for a capital raise.