Ann: Quarterly Activities and Cashflow Report 31 December 2021, page-24

Only part of the money is to be spent on capex.

From the Capital raise document Core outlined $178m of funds raised/cash to be spent. This was with no options being convered and only $15m from retail investors.


So where is Core at now?
Core had $157m of cash at the end of the month. Two recent option conversions in January have increased this by $9m to $166m.

$16m of the capital costs have been paid across Sep/Dec (so around $73m remains payable). $3.7m was paid as a security bond in Sep 2021 qtr so there may be $1.3m more of bond payments to go. Costs of offer have been paid. Working capital has probably reduced as two quarters of corporate costs have been paid, but for simplicity I'll assume it hasn't.

Exploration and development had $8m spend over the last two quarters so a further $32m is planned to be spent and this is fully funded.

Cash required: $73m + $37m + $1.3m + $32m plus a contingency buffer of say $15m = $158m.
Cash on hand $157m+$9m = $166m. Even inclusive of a contingency buffer of $15m (that wasn't in the modelling unless it was buried in working capital) Core has $8m extra.

Only 44% of this cash is emarked for capital expenditure. The rest is working capital / exploration and development and other as-yet unspecified applications. With spod prices massively above costs of production, when Spod shipments start, cash balances will increase.