Ann: Quarterly Cashflow Report, page-36

I have read the report twice and to be honest I would say it is 'ok' .... while the costs of US$392 with the sales figure of US$600 are good on the surface and shows AJM is progressing well some of it appears to be clever accounting to IMO mask other expenditure items ?

I think the upcoming quarter is going to be tight to say the least even if they continue on at a run rate of 16,000 tonnes per month and that 15,521 shipment was AJM's and was not included in the June quarter ....

Pre payment of US$11m of spod needs to come from somewhere and we only have 5 months left of 2019 to meet agreement .... US$11m / US$600pt = 18.333 tonnes ... nobody knows if this amount has decreased because we haven't been told anything so I assume the worst and this has to be found somewhere in the next 5 months ?

While things are progressing well, there still seems to be 'one offs' in each quarterly that blow out any 'estimates forecast' in the previous quarterly document ... for example;

9.6 Other (provide details if material) - for the March and June quarterlies this figure is an estimated zero ? In the June quarterly I would say that there are expenditure items that I would consider "material" but the March quarterly has zero estimate ?

I like @Names little would like a bit of clarity of the amounts listed in this section of the quarterly :

2.1 (d) other non-current assets - mine properties in development ***

In the June quarterly the amount is $8,629,000 and in the March quarterly it was $27,851,000 ... and while this paragraph is described underneath:

*** Includes the costs of operating the mine and processing facilities, and other cash costs relating to the sale of spodumene concentrate during commissioning and ramp-up of the mining operation. It also includes the cash payment of the interest on the loan note facility. These costs are classified as cash flows from investing activities until such time as commercial production is declared and are capitalised against project development costs (net of the sales of spodumene concentrate (preproduction) referred to above).

.... a breakdown of just what this money is being spent on would show shareholders some transparency instead of us relying on conjecture

Anywhoo let's see how we go in the September quarter