Aussierat, at 31 Mar they reported cash of $79m, which is a little shy of your 96m. They also reported $17.8m utilisation of a $19m credit standby arrangement, although it's not clear to me exactly what that means, or why it's there.
SP of 1.1c gives MC of $101m, so the market is still giving them credit for some "potential value" over and above cash reserves. Whether or not that turns out to be blind optimism remains to be seen.
Confidence up, page-10
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