I agree, the fact that they didn't put the $3.6m as receipts from customers and just reduced the development costs makes no sense to me. Either way, hopefully the cash balance will be sitting close to $10.5m soon.
Losing $500k on Riley isn't the worst. Gives me hope that we can be profitable from Riley regardless of current IO price if shipping logistics and prices can return to somewhat normal. I'm hoping management are looking at it from that perspective and are optimising operations for that scenario as it may come around quicker than price recovery.
Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-16
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