Banter and General Comments, page-5320

Well technically it's not $445m cash...

We had approx AUD $380m received from POSCO, and $60m cash on hand ($440m)

We have a tax bill in May of AUD $120m*
* Company indicated here: https://www.asx.com.au/asxpdf/20190228/pdf/44320wwqsf0166.pdf, that they are exploring a refund to $12m and rollover relief on (presumably some portion) of the other $108m.

So cash balance ignoring everything else is somewhere between $320m and $440m subject to how much rollover relief/refund they can get.


So what else has happened
- well, YOP is apparently done so we shouldnt see another huge $15m in each of the last two quarters spent on YOP.
- One shipment of 15,000t - assume margin was $150t (assuming cash cost of $550/t and price of $700/t) = cash gain of $2.25m
- A further 25,000t produced @ $500/t = -$12.5m
- Expenditure on SdV, James Bay and Mt.Cattlin = -$15m

I expect our cash balance will be approx. $415m, but with a $120m cash outflow expected in June quarter.

So say we have $295m+ to play with.
Still cheap though.

Obviously they are also sitting on 25,000t of spodumene ($17m revenue and $5m profit) but it's a game of chicken on whether they will get a higher price and also some downside risk on holding stock (why have they adopted this strategy and surely there are some continuous disclosure obligations that are being played fast and loose with?!).