Volume, page-2249

I'll take a stab, SB.

My rough mid-month estimate ~$1.35-$1.4M and my end-month estimate is $950-$1M.

Calcs:
$3M end-Dec closing balance.
plus $465k Jan ATO R&D refund add-back.
less ~$833k/mth* x 2.5 months (i.e. each of Jan + Feb + first half of March).
= ~$1.35-$1.4M mid-March.
less another ~$417 for second half of March.
= ~$950-$1M end-March.

Agreed, re- the inflection point.

*Assumed ~$2.5M est. net cash burn this quarter. Materially down from last Qs $4.2M net cash burn. Arrived at by stripping ~$200k/qtr from the operating cash burn total (to reflect, amongst several other things, my est. full flow-through of PH's apparent 3 months cash cost in lieu of notice now having fully worked its way through). I have also slashed the discretionary quarterly capitalised exploration & evaluation spend by an arbitrary $1.5M (i.e. that spend down from $1.887M for last qtr to ~$337k this qtr). Totally arbitrary by moi, trying my very best to accurately guess what a responsible manager like CJ would do under the circumstances. I haven't allowed any savings for DM's v.recent departure (i.e. ~$40k/mth or ~$120k/qtr all-in) at this stage because I'm assuming there's at least a 3-month payment in lieu of notice that needs to work its way through (I'm assuming he's a cash cost during his payment in lieu of notice period). Now that I think about it, it will depend on whether they're paying him on a ongoing basis in lieu of notice or whether there was an up-front lump-sum payment, which would affect/skew this month's numbers more negatively. That said, I'm not going to worry about that level of granularity at this level of analysis/estimate.