@miningnut.  Great job.  The only adjustments I would make...

@miningnut.  Great job.  The only adjustments I would make is:

(a) I think your mining & production costs are a little high by maybe A$8/t pellet production in which case additional cash in A$5m -> A$6m;

(b) maybe your royalty provisions is a weeeeee bit light.  Loose change though;

(c) admin costs are creeping but I suspect they'll be coser to A$1.5m than $2.5m

Net effect maybe another A$6m - A$7m in the bank.

The inventory build in pellets is a good and bad story ... bad in as much cash is tied up (say A$20m) and nil value attributed by the market; good in as much one less excuse for a slow January 2019.

again @miningnut, great analysis.  thanks

have a great christmas!