Prepare for a CR

The current cash burn is $5m per quarter and we have $3m in the bank. We also have 1,500T of graphite at the end of March which is worth an average of A$1669/T (i.e $2,503,500). The customers will pay for this graphite over next 3 months. As such (assuming no further sales in this quarter) we shall only have about $500,000 in the bank at the end of June when the water restrictions are removed and improved water processing in place. To me $0.5m is too close call and we can anticipate a CR (for working capital) in the near future; that's the reason the SP is so low.