Significantly undervalued, CY20e EV/EBITDA of 1.2x, page-16

I agree we are oversold but do expect a well timed and agreeable CR.

Given our great start for production in March quarter, we could be cash flow positive strictly from an operations perspective ($/t). Arguably, this may be the case from now on, given our initital pre-strip is mainly complete.

Unfortunately, in 2019, we have significant once-off expenses (tailings dam, fines, merger transaction, stamp duty) that pulls the entire business to cash flow negative.

We also have significant debt facilities maturing in 2020, albeit with the possibility of extension.

I think if we can release some good news in March quarter (offtake signed, continued production improvement, increased shipments, tantalum sales), then a timely CR ($15-$20m) would actually be very beneficial to ensuring we de-risk the short term outlook. A significant prepayment (requiring a bit of faith from the offtaker) may be the only way of avoiding the above. 

Remember, Tribeca expect us to hold > $5m at all times. Don't want to mess around with debt covenants.