Well from a production standpoint this is below expectations, I guess the wet season impacted them further than I anticipated. I'm encouraged by their remarks that they have had daily production records in January so far however. Let's hope those daily records translate to monthly records. It's also good to see that they are continually assessing how to improve production by implementing changes (like the dry screen to wet screen).
In saying that, looks like from Q3 onwards we have a firm financial footing and it's good to have clarification within the report that the 2,281k of receipts from customers during the quarter is only 50% of revenue from production. I'll be very interested to see the half year report so we can understand what revenue is being recognized, not just the cash receipts. With the federal grant and the royalty package, we should have plenty of working capital.
EQR Price at posting:
4.6¢ Sentiment: Buy Disclosure: Held
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