Ann: Quarterly Activities Report, page-5

Looking at a one year cash projection starting from the quarter end cash balance of $507m, they should have non-operating cash inflows of about $12m for interest and $5m for the remainder of the insurance claim, outflows of $85m for KI capex and $21.9m for the dividend just paid, bring the net cash position to $417m or 41.3c per share.

The swing factor will then be operating cash flows which will depend on the IO price and the sales mix of high/low grade ore.

If they can maintain even modest positive operating cash flows over the next year, they will be in a very strong position by beginning of 2019 with KI capex complete and generating substantial cash flows, assuming the premium for high grade ore is sustained.