I haven't really had time to absorb these numbers Mr CC but one big gaping flaw immediately styands out.
You use a number of AUD20 million as quarterly burn rate. Not so. THe September quarter showed a total decrease in cash of ~ AUD 18m.
However there were two large and significant 'one off' costs in that spend:
1. The $10m odd cost of the put option to reduce the level of heging requirede by the banks;
2. The $2.5m costs of the last capital raising.
Not to mention a $0.9m "equity investment(s)".
more to follow.
Sure, PRU are cranking up the exploration spend to ~ $6m but admin costs were surprisingly low at only $400k odd.
Monthly cash burn maybe $7.5m excluding capex items.
more to come...
quick thoughts on the quarterly, page-4
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