Ann: Shareholders advised to take no action on Takeover Offer, page-8

Rocket973 sees the balance a bit different to me, but Rocket may be more accurate than I see it.

After Mt Gordon sale $67M net cash + guestimate of $35M receivables, copper held and consumables less payables
Net assets less total liabilities would be close to $100M
Market cap of $76M at 23.5c

No cash burn. Cash cost of $3.11 / lb for last quarter vs $3.28 current price. They should be able to improve on this and also good chance AUD copper price improving from here.