Ann: Quarterly Activities and Cashflow Report-IRD.AX, page-3

If you read the cash flow without reading the rest of the report, you will come away with the idea that IRD runs out of cash in 4-5 months. But if you read all the report you will understand that other parties are providing cash as needed, so cash is fine. This is a very large project, requiring cash way beyond IRD's own capabilities, so IRD has been working diligently with other parties to secure its future. Successfully, it would appear.

Reported Capex reqt is ~$US4.5bn. IRD mkt cap is $A56m. Only a small part of the total proceeds has to stick to IRD's fingers in order for today's share price to turn out to be an absolute gift.