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The ATO's current position is that they intend to seek repayment of the R&D refund. Of course it is possible that KNL will be successful in retaining part or all of the refund but I wouldn't be counting on that happening.
We know from the quarterly that the company will more or less have a zero cash balance at the end of the current quarter. That gives Spinks and Rae about 8 weeks to complete a CR whilst the company has a potential $1.8m ATO debt hanging over its head, that's not an ideal situation for a CR.
Tanzania is a mess and the updated downstream DFS is due sometime this quarter. Unless management secure a collaborative partner for EcoGraf I just don't know what the catalyst for an increase in the SP will be and what kind of discount the CR will be completed at.
