Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-3

It's a bit of an unusual way to try and look at the business. Per the table (p9) that accompanies this comment, they are:

• excluding royalties (see fine print)
• stripping out the corporate (head office) costs
• including a $12.1M GST refund

What is surprising to me is that even with 55% of production coming from met coal, their revenue still only matched their cost of production. And they got some shots-in-the-arm this quarter too, with no debt repayments due, a $17M injection from the JV partner and the $12M GST refund. I'm also surprised that excluding Bluff only improves the quarterly numbers by $3.8M. They had revenue of $40M from Bluff so that's going to drop out for the December quarter, and the $12.1M GST refund and $17M JV injection, and $4.1M from the last of the capital raise are not recurring. Where/how do people think this trades tomorrow?