Next shipment, page-242

I've got different figures FutureTech: 

Oct 18: 9,551t 

Emerald Enterprise 4,825t + Clipper Tenacious 4,726t 

These figures were included in reports by port authority without naming the exporter. 

December: 12,900t 

Industrial Royal 4,900t + Hamburg Way 8,000t 

Industrial Royal, I posted this previously, check out Ajm's last Twitter post mentioning regular shipments, you can just make out the name of the vessel. Shipped volume is a guesstimate based on vessel specifics. 

Q2 Fy19 total concentrate shipped: 22,451t 

Assuming sales price U$750/t, cost U$600/t, average fx 0.72 over the period, cash for quarter with above volumes = A$3.4m conservative. 

Doesn't sound like much but should be enough. 

Cash at end of Q1 Fy19 A$10.5m 

+ Gangfeng Prepayment A$15.3m (U$11m) 

+ Earnings A$3.4m (above / cashflow positive) 

=Cash at end of Q2 Fy19 A$30.6m 

Interest due 31Jan2019: A$21.4m based on the initial U$110m @14% for 12months, disregarding the U$15m top up in Sep18.

Looks tight but let's not forget i) the above assumptions are conservative, ii) fx continues to work in AJM's favor + natural hedge with U$ loan and sales iii) additional cash from ops will come through in Jan, at better margins.

Gltah