Chart, page-13997

Start of qtr 59000 of product, basically all opening stockpile sold

Producing at about first half run rate so another stockpile built-45-50 k

Product prices continued to fall throughout qtr

Cash margin reported of 82 per ton first half

Cash liquid assets no debt -203 m at beginning of qtr



27.5 m liquid assets, end of qtr not over yet obviously but lpd now 1.6 cents which is a big fall from beginning of qtr and

a40 - in voluntary admin and receivers appointed so this investment is now worth substantially less and should probably be provision for nil value as business is moving to care and maintenance

Debt has been increased 31.8 m to buy a40 secured debt , about 3 m being expenses and 28.8 m being security/ debt

It’s done pretty well to hold over 1 dollar imo considering the financial loss reported, poor cashflow in first half from operations and continued price falls in its products

Also noting that the company presentation this qtr suddenly only presented “ cash” and quietly dropped liquid assets”

Presentation also notes no debt except it’s advised that the loan for a40 purchased from tribeca was done by drawing down on bnp debt

Ebitda of 9.3 for first half included 10 m one off fx gain so it was underlying profitability was negative

Qtrly report will show another underlying result which isn’t going to be great imo