Going Concern

Hi All,
Just a question for you guys who are AJM die-hards as I know you guys will know a lot more about the company than I do.

I came across this a while back and bought in much higher. namely when the directors did. and then again when the directors did. so I am under water a pretty penny.

Just recently I have started to do the math on their cash position, cash flow and their debt.....and I am a little concerned.

I began looking after the ASX queried them on the 29th March.
I discovered that even after the recent capital raise to Sophisticated investors and an over subscribed SPP at 13c that the money from the SPP was going directly to pay the $14m interest on the debt just for the quarter ending in April (This quarter just gone) and the remainder was going to pay the exp outgoing as summarized in their Appendix 5B.

Working off their exp Cost for production of $430dmt and their Floor-ceiling off take of $550 and $900 respectively i cant see how now they would be making any money at all even at capacity or 220kdmt pa as the price of SC6 is at about $675. they need to sell for a minimum of about $750dmt just to pay the interest on their debt..... and that doesn't include any other cost down time, any further exploration let alon paying down any debt from production.
After today's announcement, and in the announcement they said they were going to explore further into the Copper Gold Silver or what ever tenement....how can they! they have no money!

I calculated in this quarter they are going to struggle to pay the $14m debt and then next quarter where wil they be.
with a sale price of $675 they are losing money....and its money they dont even have!

Im concerned as I am sitting on a loss and ive seen directors go down with he ship before. Namely PDN a couple of yrs ago.

Anyway. I would love to get some feedback on the numbers (Attached) and let me know if I am missing anything.....

For understanding. in the columns I have made 3 scenarios of Sales. Floor, Average (Higher than the current) and Ceiling sales prices.

Cheers to my fellow AJM Investors.