$41m to the end of the quarter isn't that bad if you ignore that...

$41m to the end of the quarter isn't that bad if you ignore that the $15m working capital facility was fully drawn. Take that out and they lost $25m for the quarter.

$22.3m opex, $1.2m sustaining capex, $4.8m debt interest, $14.2m "commissioning and short-term capital expenditure" consisting of:

• A$4.5m for the remaining project construction capital expenditure packages
• A$6.6m for primarily additional bulk earthworks and field pipe and pumping infrastructure relating to the transition to in-pit disposition of sand tailings (from the initial off-path storage facility)
• A$2.9m for stores inventory build-up for additional spare parts
• A$0.2m of production control drilling relating to year 3-5 of the mine plan

Is that it for capex? March quarter said majority was closed out, June quarter just says $4.5m for remaining packages, no mention of close out.

The rest just just reads like opex dressed up as a one off cost. Looks like true opex is $30m+ before interest payments.