Would one of these important facts be that of the "total available funding ($8.621m)" which was used to calculate the 0.47 quarters of funding covered be that $5.414m is the Mobile fleet finance facility. Correct me if I'm wrong but my understanding is this Mobile fleet financing facility would only be for machinery not any other costs. If they needed more funds to finish off the processing plant, tailing facility or the interim diesel power plant etc they would not be able to access 63% of the "available" funds to fund these costs.
If you were to put aside the mobile fleet finance facility and just look at the available cash its $3.2m. Recalculating the number of quarters covered with just the cash component, and to be fair if we remove the change in borrowed value from the fleet finance facility between this quarter and the last (Amount drawn of mobile fleet finance at end of dec 22 quarter was $4.8m, Amount drawn of mobile fleet finance at of of Mar 23 quarter was $4.8m.) $4.8m - $4.8m =0. The 18.3m spend in this quarter included Zero use of the fleet finance.
3.207/18.305=0.175 quarters of funding. Or 16 days of funding as at the end of the quarter. (16th April 2023)
If we add in the 3mil further borrowing post quarter.
6.207/18.305=0.339 quarters of funding. Or 31 days of funding from the end of the quarter.(31st April 2023)
If we add the $1.624 grant funds(*which is to be applied towards implementing a dedicated interim on-site power station and completing a feasibility study for the integration of renewable energy).
7.831/18.305=0.428 quarters of funding. Or 39 days of funding from the end of the quarter.(8th May 2023)
Obviously these figures are all based off the $18.3m spend in the last quarter. This figure will change in this quarter. Even if we cut the spend for this quarter in half its still less than 1 quarters funding.
If costs increase this quarter.....
