The gorgon fund is 6.2 mil with 3.833m paid so far in FY25. That leaves 2.367m to go which is likely to be used up in Q2FY25. The R&D tax rebate will not be a factor until H1 FY26. So based on the 4C cash statement the expected income in Q4 is likely to be ~150K of engineering income + maybe 100K of interest, +2367k from Gorgon. Costs based on 4C likely to be ~3200k assuming no material change. Cash burn for quarter likely to be circa 600k which should have a cash balance at EOFY of ~9.7m (which includes 1.7m in restricted cash from ARENA).
After Gorgon (LCG) is exhausted, assuming no material cash flows eventuate and other costs are similar, the burn would go up to 3.2m giving 3 more quarters of runway. So this quarter I will be looking for material announcements of additional income streams for FY26 (preferably a contract to build a commercial unit) to avoid dilutive funding activity.
HZR Price at posting:
31.0¢ Sentiment: Buy Disclosure: Held
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