Good analysis and information / estimates are appreciated....

Good analysis and information / estimates are appreciated. Thanks Miningnut.

I'd suggest potential risk may be on the upside to you numbers especially the estimated 30 Sept 2020 cash position with property sales & settlements of three apartments at 1101 Malvern Rd Toorak for current Q3 ending 30 Sept 2020.
The upside for Q3 actual cash flow could be a several multiples of Abdi70's assessment of extra tax payments during Q3 imo. Usually this improvement is cash generation is countered by increased and or expanded capex being spent in the same quarter. Not many businesses except for FMG has been undertaking capex and projects similar to GRR over the last six half-year periods. GRR's strong & sustained capex spending gives me some comfort that there is a high degree of confidence at Board and major shareholder levels that the obtaining of the required consents and mining approvals to extend the GRR reserves and resources plus impact that will have on the Savage Mine life well to be beyond 2030 and maybe beyond 2040.
Over the past 3 months Port Latta's weather and high winds (winter) have impacted lits oading schedules and vessel loading turn-around times. GRR management comments as Outlook as to FY results may never be forthcoming. I'd estimated and assumed the anticipated Q4 pellet export sales and production levels are under mine management control which does provide me comfort that the remaining full-year contracted sales (my GRR estimate for pellet export volume for 6 months to 31 Dec 2020 to exceed 1.2 million tonne thus 2nd half year revenue, profitability and cash generation could exceed minority shareholders expectations.

The destination/ ports and frequency of vessels loaded at Port Latta for this calendar year would to indicate to me (9 months 30 Sept vessels export loaded 24 complete and 2 new vessels within the week scheduled versus 20 vessels loaded for 9 months to 30 Sept 2019) that those GRR international steel-making clients and the timing export shipment dates from Port Latta could have been flexed to mitigate steelmakers pricing and market risk.

I'm estimating and assuming that GRR in the 2nd Half FY2020 may have better pellet conversions margins from the better quality raw mined ores being available from the Savage Rive mine's exploration decline and other areas. However we won't see too much evidence on higher margins/profitability and balance sheet Shareholders' Funds strengthening until the Full year 31 December 2020 P&L is released in say 5 months. Expecting positive commitments out for Fed budget within 10 days that heights level of Stimulus measure to drive steel demand in Australia.