Hi Beardy,
I think your starting point is where the error is. The 12m EBITDA is for half year. Cash.bullion at start of year is 6.7m. They then spent 9m repaying borrowings. 3m for interest and finance lease payments, 3m for e ploration, and you are left with around 4.5m
Psyber
goldies up, moy down, page-17
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