Appreciate the optimism, and I agree the company definitely has...

Appreciate the optimism, and I agree the company definitely has momentum building but I’d be cautious about assuming they’ll be cash flow positive this quarter without seeing a clear breakdown of when the contract actually starts generating revenue and what upfront costs they’ll be absorbing.

Mining services contracts, especially ones that involve site establishment, drill and blast, and crushing, typically involve a lag between mobilisation and first payments, not to mention many of those contracts operate on 30-90 day terms. Even if work has started, actual cash receipts might not land until mid-late Q3. On top of that, exploration spend last quarter was $765k, and they’ve got activity across Turner, Wandanya, and Port Hedland continuing. Unless that slows materially, cash outflows will stay elevated.

I agree they’re laying foundations for internal funding of their projects, and that’s the goal, but they’re not there yet. This quarter might show progress, but I think Q3 is more likely to reflect the impact of services revenue in the actual cash position.

Would love to see them publish an operational update or guidance around expected cash inflows, that’d help clear the air a lot.