Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-6

Reads like putting lipstick on a pig before another cap raise.

Some interesting highlights:
1. $3mln in the bank at the end of June, majority of capital raised in February / March has been spent.
2. Operating cash neutrality expected in the next 6 months. Means it will require cash for working capital very soon.
3. Large shipment was delayed from July to August due to weather. By weather they mean - "We did not produce enough on time, so by the time it was required to be shipped it was still in drying pads. Unfortunately, the temperature in Mt Isa was capricious by being a stable and did not reach 90 degrees, as we wanted, so we had to postpone the shipment." Page 8 - Inventory on hand at end of June 13kt, with another 49kt drying. So they shipped 8kt in July.
4. On 7 June 2024 they agreed with Aurizon for MVT 325kt between February 2024-January 2025. Their projection now is 2/3 of that (Q2 30kt, Q3 70-80kt, Q4 90-100kt. So they will be up for another $3-5mln CMC by February 2025.
5. Claim that product in the logistics / production chain is unencumbered now, but that can only get finance for working capital and only if Aurizon and NAB agree. Given that they are cash flow negative and will be neutral at best in the next 6 months, no creditor will give them the money to pay Aurizon $4mln per year for stuff ups.

CFO or whoever is in charge of CFO and modelling should be sacked either for incompetence or inability to stand up to fairytale forecasts.