Quarterly predictions, page-5

Hi Mutt,
I think you have to re-visit your inventory figures for both Sep & Dec17 as they value the pellets at cost, so as they had 240,342t in Pellet stockpile at Sep17 then these are valued at the unit cash cost of $85.04 or about $20.44mil and based on your estimates at Dec17 for the pellet stockpile of 165kt @$77 equals $12.7mil.
Also the audited accounts include other items in receivables other than just trade receivables - these include security deposits, other receivables and prepayments - and I would estimate you need to add around $10mil to cover these three items.
Similarly, inventory includes stores and spares, ore stockpiles and work in progress as well as Finished goods(Pellet stockpile) and I would estimate you need to add around $25mil for the first three above items to the value of the pellet stockpile to come up with the figure to align with the audited accounts.
Taking into account the above adjustments to receivables and inventory, my estimates for Current Assets at Dec17 are:
Cash $172mil, Receivables($40mil+ $10mil) $50mil, Inventory($14.6mil+$25mil) $39.6mil = Total Current Assets $261.6mil