Mar Qtrly said "majority" of capex closed out. Agreed, though,...

Mar Qtrly said "majority" of capex closed out. Agreed, though, my suspicion is production costs can be easily shuffled to the commissioning cost area to make it look like steady-state opex is lower than it really is. Inventory build-up might be quarterly opex, additional bulk works might be simply opex overburden etc? The biggest issue I have is that until an invoice is paid it doesn;t get counted in the Qtr expenses. Many companies hold off a swag of invoices until day 1 of the next to reduce cash outflow in their quarterlies (just saying, may not be). Suss but too early to say what is real opex unfortunately...

Likewise, what provisional commissioning and working capital means, who knows? Bottom lie is they burned through most of last years $50M on higher capex and/or higher opex losses during HMC sales ramp-up period, and now need another $35M lick (my bad from earlier btw, misread the $35M as placement not with SPP added on).