Yep, agree with most of those figures. But note that in terms of...

Yep, agree with most of those figures. But note that in terms of dilution, the $22m shares (6.3m in number) haven't been issued yet and are still awaiting FIRB approval. Although at 3% of issued capital, it's not a big number.

But, we do know the value of the new contract with Sinosteel because the company have said it is a $300m plant. As we can ignore FOREX because the AUD has been above and below parity over the period (and, like you, I'm too lazy!) if they have already entered into commitments for $144m, the assembly stage must be $156m, no?

And you do have to look at the qrtlies because cash at the end of the June quarter was only $47m, not $90m. $4m on the e/ee share purchase scheme for the half year, $5m for admin, $22m for exp + dev all adds up.

So I make it 156m for the new contract, plus the 49.1m balance is $205m still owing just for the MPP up to commencement of commissioning, of which $22m has been approved but not issued, leaving them to find another ~$180m for the plant installation. Note that they say they have finished paying for the plant since the qrtly was produced - but it isn't clear what they mean by "plant".

No need for apologies, I'm glad someone else is taking the time to check my numbers.