The closing March balance was $4,810k but a $2.5m payment was...

The closing March balance was $4,810k but a $2.5m payment was required so it was really only $2.31m at the end of March. That had dropped to $2.0m by the presentation pack slides. Staff Costs and Admin/Corporate are going to be circa $440/qtr. The 3 quarters to the end of the year would require $1,320k. Yes the cash flow issue is tight and into the possible CR space. Its not yet in the guaranteed CR space and TG6 may not even need a CR if they can get the surface ore piles processed in a timely manner.

My guess is the wide range of 60-100kt is not through an inability to estimate the size of the piles. It think its due to not knowing whether the Diemen piles had been pulled down to a sub-economic toll treatment grade by the leach trial or whether the leach trial removed insufficient quantities of gold meaning the grades are still strong. There was some nice material pulled out of Diemen for the trial but I haven't seen any reporting on the post trial grades. If the heap leach was a flop then there's lots of ore still in those piles.

There doesn't appear to be many hidden issues that will expand the timeframes but there probably are. They are on-track to know the grades by the end of June. If the met test work is targeted to refining the crush size and leach time (on timeframes shorter than 1 day) the work should be fairly quick. TG6 isn't trying to develop a flow sheet to process ore for 10 years, they are trying to confirm a flow sheet that will work well. It doesn't need perfect optimisation if that were to materially extend the length of the test program. David's had a heap of experience around grade control so he knows the sort of timelines from the work being done now till when the ore was taken to the mill (within a Murrin Murrin operation context). This time its just a longer distance to the mill and an additional toll processing deal to agree.

Its not trying to design a whole plant and mine structure its doing the maths that the ore's profitable, putting it on a truck and collecting the cash. This does seem achievable in 2025.