Hi @rae915 Taken from Cannacord Initiating Coverage which...

Hi @rae915

Taken from Cannacord Initiating Coverage which includes potential revenues;


Cashflow & balance sheet

•  GMM had a cash balance of ~A$2.5m as at the end of SepQ’15, and currently has no debt. The company raised A$5m through a placement and rights issue at A$0.05/share in Sep’15, and recently announced the completion of a A$7.2m placement at A$0.18/share. Following the placement, we estimate GMM will have cash reserves of ~A$10m (includes proceeds of rights issue which settled in Oct’15).
  
  
•  We estimate that following this raising, GMM has sufficient liquidity to fund initial earn-in payments to GXY and the re-start of operations at Mt Cattlin, but note that a further A$8m in capital is required throughout CY16 to complete process plant upgrades to reach targeted production rates. We expect a majority of this can be funded from existing cash and operating cashflow, with any additional requirements satisfied by the exercise of management options (+A$2m) and offtake related finance/product pre-payment (expected to be finalised in Jan’16) totaling US$10m.
  
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  Initial capex to re-commence production has been estimated at A$7.5m, with key capital items including refurbishment of the current crushing circuit (~A$3m), upgrade of fines circuit and installation of new equipment to ameliorate past poor metallurgical aspects (A$4.5m). GMM have indicated that new and refurbished equipment within the wet plant will be installed with sufficient redundancy to allow for any potential expansion of production to ~200ktpa of spodumene concentrate.
  
  
  http://www.galaxyresources.com.au/Investor/reports/20151216-CanaccordResearch.pdf