Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-18

Shaw’s also commented, in its report issued yesterday:

”Operating cash flow at A$2.4m was positive for the first time and would have been better but for a delayed $15m payment for coal sold during the quarter. The company is now on a steady trajectory of increasing production, sales and cash flow, and with $37m cash at 31 March is well capitalised to fund growth to c.5mt pa in FY25.”

After its disappointing share price performance over the last six months, upside potential now looks significantly greater than downside risk.