Q4 2018 net cash outflow forecast US$23.6 million (inclusive SPP...

Q4 2018 net cash outflow forecast US$23.6 million (inclusive SPP proceeds and BAM capex)

no idea how much they intend to spend on BAM capex, assuming 10M$ ? this would left us with 13.6M$ in losses from the graphite operations for the Q4 2018 quarter. So basically even at 35.000 tonnes per quarter, the graphite operations are still at this point in time unprofitable and cash flow negative. Costs per tonne should come down with better recovery rates (they are now at a ridiculously low 53%) and economies of scale. Probably they need to sell 50.000 tonnes per quarter to become profitable (200.000 tonnes per year) ? it is mostly small flakes production at measly 350 US$ per tonne so very low margins, only economies of scale could make operations profitable. time will tell...