Yes the company is low on cash. It tapped its facility and in the absence of measures to address the bleed will soon run out of money.
Couple of points though
¤The co is owed $15M by the Namibian gov in VAT rebates (not sure what the story is here as is significantly overdue)
¤According to the co, the company is experiencing temporary cashflow challenges due to a large supply commitment in the current quarter which will partially offset losses from previous quarter
¤The C1 cost of production is currently very low ($16/lb?) and above the off-take price for the current quarter ($24-ish) so its more or less treading water in that respect
The emporer has no clothes, page-150
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