Ann: Quarterly Activities Report, page-140

Since y'all are being so friendly/helpful, I'll keep asking questions.

I'm finding the quarterlies a bit a slog as they are inconsistent in how they report inventories and AR/AP. Sometimes in tonnes, sometimes in dollars; sometimes valued at imputed price, sometimes at cost.

What I'm currently trying to wrap my head around is what happened to the cash last Q. MLX received $17M cash (imputed) from the JV. Subtract off 2.65M in selling costs and you've got $14.35M. But increases in inventory and receivables adds to $12.6M, eating up most of that.

YoY inventory in A$ is up 100% (imputed revenue +83% yoy), and AR is up 212% yoy! ($9.97M vs $3.2M)

You could argue inventory is going up with increased production and price, but what about receivables? Are they just lumpy? Does this suggest actual CF in Q4 could be very strong as a bunch of last quarter's receivables are collected?

How do people feel about "imputed EBIDTA"? Is that a reasonable metric to measure the run-rate profitability of the underlying mining operation? If I annualize the Q3 Imputed EBIDTA, I get close enough to $100M, and given the current EV of ~$130M, that makes MLX seem awfully cheap.

Thanks for your thoughts.