latest balance sheet (with still some bank debt on it, now gone), I would estimate a honest net liability position to be cash + trade receivables + other receivables (refundable vat assets) - trade payables - bank debt:
7.84m + 1.54m + 7.42m - 25.82m - 2.1m = -11.12m
Far better than I thought it would be. Keep in mind this is mixing up current and non-current (vat recoverable) positions, still that is the figure that will need to be repaid once the dust settles.
As you still need some cash to operate let's say less than 15m net to repay (many of us will have a 30m figure in our memories).
Best thing is that I expected the current bad quarter (planned, as no stockpile left) to eat somewhat into the cash position. Now that may not be the case at all with the higher gold price.
LOM is short and will remain short (despite OC maiden resource) for some time. I have no doubt this team is going to get much more added to reserves than the 60 or 70k mined per year.
Technical Analysis, page-88
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