As I make it the current situation is about (this is just pro-rata the cash burn and the current value of their IQE shares - also assumes the same current assets and liabilities as on 30 June 2020) is as in the table below. I would guess that they would not want their cash to go below $5m so on this basis they will either need to do a capital raising before June 2022 or sell their IQE shares assuming the cash burn does not change. Their cash burn will probably increase once the PLEF gets the go ahead and US government approval comes through. So my view is that they will need to consider their options in the second half of CY21. This also assumes that IQE royalties will remain at the minimum (US$400k/yr) level until about 2024/2025 as indicated in the IQE annual report.
@ 30 Jun 20 @ 18 Nov 20 1 Cash $18,415 $15,928 2 IQE Shares $8,500 $10,482 3 receivables $2,500 $2,500 4 liabilities -$1,900 -$1,900 5 Net $27,515 $27,010
Nuclear Power Related Media Thread, page-309
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