Underwhelming quarter with operations struggling to maintain and improve recoveries resulting in more cash burn than expected - Net sales receipts actually fell from $48mil in Mar qtr to $44mil in Jun qtr although they have expressed it differently in the Jun quarter(guilty again of not comparing apples with apples).If Sept quarter is cashflow positive it will only be thanks to QP's from previous quarter shipments being positive.
Cash balance will tread water this year although they will pay down a good deal of the Varde loans and satisfy the Forward Sale payable to China Minmetals by shipping concentrate owed.
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