cash flow no problem, page-2

Perhaps rising tonnage would help Archie. There are certainly appear to be a lot of fixed group costs to absorb which would support that view.

From the latest announcement, March quarter EBITDA for the two mines was zar16m. Converted at 7.5x that's $2.2m. In the quarterly they said group EBITDA was $1.5m. So other costs appear to be $660k per month or $8.4m on an annualised basis. (That $8.4m is still not enough to bridge the gap between the $25m cash guided too for the mines and the nill EBITDA reported before other income in the half year.)

On the other side, falling tonnage will impact too. In April Ferreura revenues fell 15% from the average month in the March quarter but EBITDA halved on the same basis to ZAR1.2m.