Ann: Quarterly Activities Report and Quarterly Cashflow Report, page-3

I think this report is honest... and for better or worse shows that Stage 1 is going to struggle to be profitable.
Particularly when the debt will continually need to be paid down and CAI must invest in U/G and later Blue Spec.
These will not be able to be funded internally.
Basically... CAI now just have to decide when to raise capital.
Their cash position is precarious at best, even with they being cash flow positive....

70k p.a is well below the DFS. Margins are constricted etc. Hedges add to the pain.
Sorry, some might want to read it a different way, but CAI is now not a CMM clone. Perhaps one day if Blue Spec expands beyond a 10 year mine life.

hmmm... Will be interesting to see what the market thinks.