Updated my cashflow model.
CAI is likely to produce 15k ounces and 18.5k ounces in Q3 and Q4, respectively.
CAI will likely have cash outflows of $15M during this period (H2 FY24). With only $10M cash and cash equivalents, they will need to perform a capital raise or defer payments to successfully transition to Bulletin in FY25.
CAI need 20k ounces per quarter to be in a cash building position. CAI is estimated to produce 22k to 25k ounces per quarter in FY25 depending on milling capacity.
Overall, this quarterly report didn't yield any surprises - the above could be mostly reduced from the production update earlier this month.
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Ann: Quarterly Activities Report and Quarterly Cashflow Report, page-21
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