Cash and asset calcs - very undervalued

Hi Everyone

I have been trying to piece together the financial position of IMA as of the end of the quarter. This is what I have come up with

as at the end of last quarter they had 96k in finished inventory
what they sold in the quarter past
24.5 April
10 May
30 June
that leaves 31.5 in finished inventory before we add June quarterly production . I will assume a slightly lower production this quarter just to be conservative
( 75k )
that brings us to a position of 106.5 in inventory end of June
in the last presentation they disclosed net debt of 3m but that would exclude the last 10k in late June with cash from letter of credit likely to hit in July . Furthermore as of now the AUd /uSD of 70c makes outstanding debt Lower
so I have a net cash position of around 4-5 m as of now and inventory position of 106.5 which is the equivalent of approx 70m AUD of value. The June shipment of 30k will see approx 20m in cash. Putting all this together I conclude 2 things
1 the business trades at an EV of sub 100m , closer to 80m if you include land assets
2 Dividend this year very likely in 4th quarter and virtually guaranteed with next off take announcement . I would imagine .5c- 1c to be the range. Perhaps .5 - . 75c to begin with .

good luck all but I must say it’s a great stock to hold on this environment and one of the few that is very safe but still trades well below its value