Hi rick Yes beginning of qtr they had 11 m- which was actually...

Hi rick

Yes beginning of qtr they had 11 m- which was actually courtesy of proceeds from borrowings because it was not generated from operations

They have 7 m in cash today obviously from the drawdown of the debt facility in full
After paying out the other loans (13 m)

As for its actual cash balance today its impossible to know really as we don’t k ow what payables or costs have been paid or what the actual prices paid for shipments are-( only the backlog one was at 880)

End of the day- debt has expanded today and at high rates- something I was pointing out - not some low rate replacement as implied by some- I also think dismissing the debt as penuts is dangerous thinking

Guidance is65-80 k this half - which is either below or above nameplate - debt expanding as it reaches nameplate of 155 k tpa- what does that say?

Let’s be honest - as we went into last June some claimed we were first- we had no debt and would ramp up making profits and merge—— reality is we have merged and are guided today at 65 or above nameplate this half but debt is growing today- these are facts, margins are clearly not as expected as prices have fallen and there were much larger costs of production sept tondec which will be included in overall costs and cannot be just dismissed imo—

Just highlighting details

If the company is reaffirming guidance at potentially above nameplate of 155 pa—- and still borrowing 20m at near 20 percent to repay old loans today, increasing debt by net another 7m today- well lucky they think it’s going to be a qtr production record- if it wasn’t then there could be real issues right?

Imo you should be not laughing off another 7 m in borrowing when production records are apparently coming and it’s claiming to be potentially near nameplate of 155 tpa- forecast profits clearly are not working out

If they said record production this qtr still expected- guidance reaffirmed - and we paid off 13 m in debt- that would indicate strength- but they didn’t