All those numbers look pretty reasonable except I don't think the assumed costs are high enough. I'd be staggered if the increase of the extra (assumed) throughput is only $5M, even with grade improvement. Will be closer to 60 than 45 for mine (assuming your production numbers are pretty close to what eventuates). Still reckon Q3 is cashflow negative, although maybe closer to 5M than 9.5M. Drops cash to ~14M. Add into this any adverse FX or PB price movement and it looks fraught. They will delay the cap raise as long as possible (as they simply have to) but I can't see them going past Dec without another raise (probably ~10M), absent an incredible macro bailout. 10c/lb price drop is ~5M in lower rev. Is it prudent to operate with cash reserves that can't deal with a 7% move in the fx adjusted commodity price??
My guess is cap raise coincides with Sept Qtly report release showing precarious cash position (i.e late Nov).
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