Ann: Quarterly Activities Report, page-16

Sales: 41,680 dmt
‘Cash Costs’: US$354/wmt FOB
Ganfeng prepay: US$7.1m

let’s convert cash costs to dmt and CIF to align with how the SC6 price is quoted. 345/.934 + let’s say US$40/dmt for freight and insurance (FOB to CIF). Takes ‘cash costs’ to US$410/dmt CIF.

Let’s assume sales price of US$550/dmt CIF. ‘Cash margin’ is US$140/t on 41,680t is US$6m. Deduct Ganfeng prepay of US$7m leaves you US$1m in the hole or say A$2M.

Cash costs include a bunch of things like corporate G&A, sustaining capital (and I think but I’ll ignore royalty). I think you can add A$5m for this so in the hole $7m

Started the quarter with $1 cash, got $9m from rights issue less the $7m from above leaves them with $3m cash and a looming circa $15m interest payment... these guys are toast.