RE:Why the need to build a cash balance if refinancing is done? https://courses.lumenlearning.com/sac-managacct/chapter/budgeted-financial-statements/
Quote from link above : Management now has information to help appraise the policies it has adopted before implementing them. If the master budget shows the results of these policies to be unsatisfactory, the company can change its policies before serious problems arise.
The reason I keep refering to company plans is exactly the explanation above.
I understand Athabasca is not a large company however I believe their approach
is systematic and it is not a knee-jerk reaction even though it seems so if you are only in the business of analysing stock price movement.
The budgeted approach is the reason for their resilience.