quarterly comments

Some key facts that I had not factored in to some of my recent thinking was from the quarterly:

Key matters to note in relation to the Company’s Cash flow Statement for the quarter reported in the accompanying Appendix 5B include:
• Sales receipts are reported on a CFR basis and reflect final invoice adjustments in relation to ore sales made during the September quarter. The reported sales do not include the last December NJV shipment of ~ 203,000t.
• Production payments include all operational payments made during the quarter as well as freight payments, State Government royalties and marketing fees; and
• A portion of the debt financing and transaction costs in relation to the Transaction are included in this quarter with the balance to be paid in the current quarter.

So, the cash flow from the quarter @ $5M was heavily impacted by:
- the last shipment (25% of the quarters output) not being included
- production payments were "all in"
- debt financing costs started being paid

These factors should enhance the next quarterly and perhaps still leave room for a modest interim dividend.