Ann: Thunderbird Construction 85% Complete, page-3

BG has also gone from "extremely pleased" in February to "very pleased" in May. As long as his 'pleased' in September I will be extremely happy.

Commissioning is obviously the big one, but problems can be ironed out over time. Yansteel has a lot more invested in the success of TB than SFX does. I think Yansteel would be determined to get to nameplate quickly. And in a worst-case scenario might even make a short-term to the JV to keep things moving.

Based on the estimated (presented) cash flow of $120 m pa to SFX post debt repayment, and the estimated revenue to cost ratio of 2.3...SFX's opex bill was forecast to be $52 million pa. So if start commissioning with $60 million cash, we could run for about 10 months without revenue, and ignoring debt repayments. So if we finsh with $60 mill, and even with some hefty opex inflation...and few cups of tea with the creditors....I reckon we could probably run for 6 months with no revenue before things got really dire.