Some thoughtsThe finance cost was quite high about 5M in the...

Some thoughts

The finance cost was quite high about 5M in the quarter, this includes interest and transaction costs with the further draw down of the 20M loan and repayment of the 13M loan. This cost should reduce in the subsequent quarters. 40M loan * 15% interest rate = 6M per year or 1.5M per quarter.

Shipments 8kt last month, 11kt this month, that’s about 19M of revenue. Plus 13M of receivables from last shipment in the last quarter, it seems we already have 32M of revenue booked for the June quarter halfway into May. Projected outflow is 56M for the June quarter, so still short of 24M.
Need another 1-2 shipments in June to cover that. Plus we have 15M cash on hand. So there’s still some buffer.

I m happy if no additional raising needed before the completion of fines circuit. After that the cost per tonne should drop significantly and we will see some good positive cashflows.

Resources updates, second off take and JV announcement will be a bonus.