They state they have access to a $2.8m loan from Fura - but I don't see this listed in section 8 of the 5B.
Have both tranches of the $1.5m from Mr. Ching been received? It looks like all of the Mr Ching transactions are recorded in 3.1 - but I can't be sure.
How are they reporting the Project specific funding of $3.5m from Mr. Ching? I was under the impression the parent company of one of the JV's shouldn't be accounting for all of the funds sitting in the accounts of the JV. Maybe the $3.5m of 'project specific investment' is sitting in the bank accounts of NXE rather than Balama. Maybe Mr. Ching paid NXE the $3.5m cash on a promise this money would find its way to Balara. But it does seem like very peculiar wording and an approach to JV accounting I'm not familiar with.
There may be a previous paper trail of announcements I've missed but regarding the Fura loan and Mr Ching, but these numbers should be clearly recorded in the 5B regardless of prior announcements or the preceding pages of context (that may or may not, be lodged with ASX)
I can't tell if they have access to the $2.949 cash on hand + the $2.8m loan, or if its only $2.949m. I can't tell if the $5.22m listed in 3.1 is all Mr Ching, or Mr Ching Tranche 1 + $2.8m of Fura, or if I need to simply get with the program and brush up on my 5B's.
Holding until the PFS and Phase 1 timeline become clear. Good luck everyone.
NXE Price at posting:
5.1¢ Sentiment: Hold Disclosure: Held
