The Cashflow Bullet, page-482

kojak - you are on the right track. If the company had managed to transport and sell the shipment before the end of September then they would have done exactly what they said they would do: continue to pay down the unsecured trade creditors. In that case the figure for gold inventories as at 30 Sep 18 would have been much lower than $13m and the figure for cash on hand would have been dependent on how much of the trade creditors they paid down after receiving payment for that shipment. Remember that the cash and equivalents for the March quarter was $9.6m and the cash and equivalents for the June quarter was $5.2m. If they had managed to transport and sell the shipment in September and use some of the proceeds to pay down the trade creditors then the cash and equivalents figure for the 30 Sep 18 would likely have been closer to $5.2m-$9.6m than the $14.6m it turned out to be (but with a corresponding reduction in the trade creditors figure as at 30 Sep 18)..

But as it stands now it would appear that for whatever reason they were not able to transport and sell a shipment in September so we have an anomalously high cash and equivalents figure as at 30 Sep 18 due entirely to timing. It really is no big deal, the company did have $14.6m in cash and equivalents as at 30 Sep 18 and as far as we know the company was able to transport and sell that shipment in October and use much of the proceeds of that sale to continue to pay down the trade creditors (and also to make a payment to Invesco).

My original point was that it is incorrect or misleading to suggest that because the company had cash and equivalents of $14.6m as at 30 Sep 18 then any cash received subsequent to then can be simply added to the $14.6m figure. To do so would be to ignore that Troy still has substantial outflows, including the undertaking to pay down their trade creditors figure.

I think your, kojak's, estimates for cashflows for the coming quarters look reasonable. Here's hoping we get some good news from Ohio Creek or one of the other prospects in the interim.

Samboy - your post is crammed with red herrings and non sequiturs and I won't even attempt to unpick it.