Reason the SP isn't jumping ...

Management is not being clear about the cash situation.

If shipping doesn't commence until end-Q2, then cashflow can't commence until sometime after that.

Even with reduced capex budget (lets say they only need $4m instead of the $5.5-$12m forecast), they still don't have enough cash to complete the mine.

The operational update now classifies cash as "available discretionary cash reserves", so its made a lie out of their claim that the last capital raise was for "evaluation of Binjour Bauxite" - it was clearly for mine development since the Noble deal was falling? / has fallen? through.

The last Quarterly Activities report said that the Noble deal had yet to be concluded.

The last Cashflow Report had standby credit facilities of $0.

Now, buried on the last line of page 5 of the operational update it mentions "ABx has no debt at this time and has an undrawn line of credit available from the Noble Group".

This supposed line of credit:
- is unquantified;
- is supposedly available even though the Noble deal has not been concluded;
- is not mentioned in the executive summary of the announcement;
- is contradictory to the $0 standby facilities reported in the last quarterly.

Maybe they can access funds from Noble, maybe they can't. Obviously their announcements are at best "inconsistent". If it turns out they can't draw down on funds from Noble, they will need to do another capital raise sometime in Q2.

Management is not being clear about the cash situation - so the market is being cautious ...