The quarterly will be out at the end of the month to confirm...

The quarterly will be out at the end of the month to confirm this. I expect it to be around 16c per share.

If you take the Sept end quarter balance and subtract the dividend payment, you end up with 30c per share, but there is a tax payment due at the end of Feb, so you end up at 15c per share after deducting that.

There has been further gold production and interest earned in the Dec quarter, less exploration and admin costs. I am expecting a small increase in cash this quarter.

There is further gold production coming over the next 6 months, plus copper royalties. The sale of Mt Colin is also expected this quarter. Therefore, you are right that the current price is very cheap. If the market thinks they are going to burn through the cash, it is wrong.