Yep, totally agreed, KD.To flesh-out my thinking a bit more,...

Yep, totally agreed, KD.
To flesh-out my thinking a bit more, after a couple of days of recovery:

• I think next week's quarterly will show +/- ~$4M cash as at end-Dec, with a quarterly cash burn somewhere in the order of $3-3.5M/qtr (i.e. ~$1-$1.2M/mth). Maybe, possibly, hopefully not that high (pfft, who am I kidding?). Quite possibly lower as time goes by after tougher decisions around outgoings eventually get made, but not for the Dec reporting.
• I reckon there is currently ~$3M in the right now coffers (end-Jan). That's ~2.5 months' of cash supply until hitting zero if one straight-lines the current net cash flow trend.
• I think the capital market (raisings) window is currently closed to the likes of POS (i.e. marginals in the Ni sector) and will remain so for some time. I think the fact that there wasn't a top-up raising performed back in Dec (before Christmas) or during this month (Jan) speaks volumes on that front. My guess is that it wasn't for lack of asking/trying. (Yeah, it's not ideal going back to the market so soon after the Aug raising, but it would/should have been foreseeable that more WA Ni ops were going to announce shuttering which was going to continue to hammer sector sentiment in the near/mid-term (i.e. into the cal new year and immediately thereafter). There's also a 20:20 hindsight possibility that the $6M raised from the market back in Aug might have been a bit less than desired, but was all that could be achieved. I digress.)
• The world, incl. POS, doesn't operate in a vacuum, however, and there's a strong argument to be made that further cost-cutting initiatives will be announced in next week's quarterly, regardless of the question of inbound cash flow. I'm concerned it will be too little, too late (i.e. chasing the eight-ball, instead of getting in front of it).
• Absent a raisings window or a white knight showing up leaves Hail Mary quick asset firesale(s) as the next and only likely possible alternative for a cash top-up. (Cue debate around vultures buying now vs. waiting to pick over the carcass.)
• Per Bullet #2, above, it's worth remembering that a Board won't necessarily allow the cash balance run to zero before running up the white flag. (Yes, the specifics of POS are quite different to PAN's circumstances, but every company still needs cash to keep the lights on. It cannot eat air.)
• It's Crunch Time, alright. For me, the stock is currently a punt on a Hail Mary rather than anything linked to the underlying Ni market. I never imagined myself writing those words. (Sigh.)

I maintained a v.close watching brief for an (emergency) CR over Dec/Jan. Wake on Tuesday morning to see that we were not in a TH, pending a raising later this week, was my final patience/faith trigger to take my lumps while I could.

It goes without saying that all of the above is just one punter's interpretation* of what is going on without actually being inside the tent at Ord Street. Some (most?) of it will be pretty accurate and some of it may not. Ultimately, each punter should, imo, be performing a brutally frank stress-test right now around how a total loss of their investment would impact them, personally. That's where it's at right now, I believe. This personal assessment should be done before assigning probabilities.

(*Dyor and take your own lumps, yadda, yadda...)