@Contrarian4me - As per the quarterly report, CAI had $10M cash...

@Contrarian4me - As per the quarterly report, CAI had $10M cash and cash equivalents as of 31st Dec 2023. Albeit the rationale of the hedge restructuring was not disclosed, the purpose was to preserve cash in H2 FY24 until Bulletin can be monetised.

If CAI produce at the lower end of my expectations, they will have cash outflows of $15M in H2 FY24, but an extra 2,000 ounces could reduce this to $10M - either way it is tight.

The restructuring of the hedge plus any potential refinancing and deferral of payments will allow CAI to navigate through this period.

The updated two-year guidance from FY25 onwards is pending but even at 22,000 ounces per quarter - which is achievable without exceeding our nameplate capacity - CAI will be free cashflow positive.

Agreed with your point regarding Nullagine - the announcement should have read 'improve working capital/liquidity position'.