Shipment information, page-223

Im not concurring with your figures but ill take them as accurate.
Firstly I don't think the 1.5 mt is misleading at all because

1. Last Q statement ore processed was 309kt which is 1.2 mtpa
2. 1.5 MPTA is what we are currently producing at.
3. It clearly states processing rates are likely to increase.

So many variables that its almost impossible for anyone on the outside to predict accurately which is why I will just comment on what is fairly well known and speculate after that.
That $585 also in small print doesn't allow for stockpiles or pre strip capital.
Its likely costs will be skewed to the 1H19, at least I am hoping so.

So if we see another high Q or 2 above that $585 it stands to reason a good reduction in 2H19, I dont think anyone can disagree with that but then you can throw in pre strip costs which aren't accounted for in that 585 and we are back to square one.

I prefer looking at what We already know - what's going out this Q from the cashflow statement and following on from that I have already stated what I expect to see going into Q2.

I expect a stockpile of approx 10-15kt of spodumene at the end of the quarter which has around $10-15m value at current market prices.

The company should also have anywhere from $10-$15m COH at the end of the Q.

So if we have another +$50m outgoing Q next Q (possible) we are already half way there to affording that pending sales of the stockpiles. Current production said to be 425 tpd. Lets say by 90 days gives another 38kt produced in the Q which is another $35m but of course not all will be sold in the Q.

As it stands on the information known a CR/further funding is not required, we await the next Q CF statement to see if one is possible next Q but it looks unlikely with production improving, the ore grades should be increasing and of course eventually the strip reducing too.

Once again I can see no reason why the company would forego an extra potential $17m in debt if they weren't confident of maintaining its cash position and/or finding a new offtake partner with prepayment a high possibility. The companies recent commentary portrayed an off take coming not this Q but next quarter imo.