Ann: Quarterly Activities Report & Appendix 5B, page-4

Hi Bobthebuilder3r,

Yes it does say that - good point & I think you are right that the cash position may not increase by much during this quarter.

It's the first year of operations & CIA only completed production ramp-up 4 weeks ago.

There are extra outgoings in the first year, with a big one being 'Initial Capital Expenses'

Refer to the Ausenco technical report from July 2017 - Summary cash flow statement - Page 22-5 (scroll way down)

https://www.sedar.com/GetFile.do?la...ssuerType=03&projectNo=02597268&docId=4156330

Revenue & some costs will be higher than the amounts in the report as the iron ore price & thus revenue is higher than forecast in the report but you will see that after-tax cash flow increases dramatically in the 2nd year & continues for the life of mine (LOM).

Hope this helps.

.