I’m glad for holders that the share price didn’t drop today, but...

I’m glad for holders that the share price didn’t drop today, but I don’t like the look of their cash flow waterfall chart.

Change in cash and bullion = $41.6m - $88.8 = -$47.2m
Add back debt repayment and deduct Bibiani deposit
= -$47.2m + $53.6m - $29.8 = -$23.4m. That’s a lot to go backwards in one quarter. I also thought they had sold down some listed investments but I can’t see that in the waterfall chart?

Hopefully they can get more out of the oxide circuit in the next few quarters given the recent drilling results. Good luck to holders, but don’t forget there are also lower risk asx goldies trading at a large discount as well.