At the start of the year inventory was $23m, AR $20m. If you...

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Cashmeoutside

3,044 Posts.

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06/01/24

12:11

Post #: 71754556
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Originally posted by stocktalker ↑

"Thats because they changed the Annual reporting period to make it inline with the AISC reporting."

I wouldn't let them off the hook so easily. Looking only at quarterlies over the past 16 months, I only find inventories and receivables detailed in the footnotes, and sometimes in tonnes, sometimes in dollars at imputed price, and sometimes in dollars at cost. They should be front and centre and they should give us both volume and value.

"The difference which you are trying to wrap your head around is because they bought shares in TAM with that money."

No, I don't think so. They spent the money on TAM in Q2, I'm looking at Q3. $0.6M did go to Nico in Q3, but that is dwarfed by the inventory/AR swings.

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At the start of the year inventory was $23m, AR $20m. If you take 30-June and the Q3 mvmts you get inventory $38m, AR $18m. Not sure where you’re getting your figures??

Whilst these balances may appear elevated… when you’re doing ~A$200m of attrib sales it ain’t that bad. Also this is lumpy cash flow.. you can probably have a single boat carrying 500t of tin - that’s A$20m.. a lot of inventory/ AR if a boat is in transit.

Anyway - think you’re making a big deal out of relatively small amounts.. will be swings and roundabouts… I do think Q4 there should be some WCAP unwind and cash balance sitting close to A$150m… all to look forward to.

Last edited by Cashmeoutside: 06/01/24

MLX Price at posting: 27.0¢ Sentiment: Buy Disclosure: Held
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