Morning Traders 11/03/20, page-26

KAR
(courtesy Sector)

DEC 31st
Cash in AUD $496.5m (mostly changed to USD at 68c so gain)
Bauna Deposit A$76m paid.
Total Cash Eq A$571.5m.
Cap $221m
Minus a couple months op costs and costs of Peru.
So maybe A$530min

Debt will only be for Bauna and Bauna development (plans to ramp to 33k per day from 19k)
US $275m as per below.

Debt not executed yet so right now, I'd say KAR has a NEGATIVE EV of more than A$300m.