I agree- I suspect the work done in modularisation was one off and capital in nature- when it's correctly capitalizised cost ma will likely fall in line with expectations. I don't get some of the recent cash projections. We had $10m at start of quarter plus, $10m stock. plus $22M from ShanShan capital raise. Even if you exclude stock of $10M (say $33M before operating revenues. The cash projections are as follows:
opening position. $33M ( with cap raise)
Operating revenues. $37M (40MT at $600US)/0.67
less costs ($53M)
Net cashflow $17M cash on hand
The other thing I notice about AJM is confidence in spending and also recruiting of additional staff members (geologists) etc. I don't think they would be doing this if they were seriously cash constrained. yearly interest payment due at end of this quarter so I'm thinking cash reserves will be right back up above $30M quarter ending December
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