Hey Herman
I thought you were an accountant?
I didn't reply to that part of the OPs assertion because I thought it would be well known that
Galaxy is due a 50% pre-payment of the next 120kt contract at $700USD+/ton
- minimum $42m USD ($56.35m AUD).
Jumps up to $45m USD if we achieve $750USD/t. $50m USD for $800USD/t.
There is also a balance payment due on first shipment. (another $13.5m USD - $18.11m AUD).
The company also has a $30m debt facility.
On top of what they have hanging about in the spare change jar, I'd say the cash flow is looking pretty decent.
We have coverage from plenty of reputable brokerage firms that have taken more than a 2 second look at the company's finances and expected earnings, and are rating us well above this range. Expect new higher re-ratings based on de-risk of Mt Cattlin and the beginning of development of SDV (especially by Canaccord who have been buying us ballistically over the last few weeks).
We could even reasonably expect to hear some news about SDV pretty soon now that there are rumours of interest from a major player sniffing around.
Cheer up Herman. It's all looking pretty good in Galaxy.
You're up. I'm up.
I'll shout you a beer after the next AGM and we can be best buddies again.
