June 2021 cash on hand forecast of $2.8 millionAt the end
From the financial statements:
Cash and cash equivalents at beginning of period 666 (thousands)
Cash and cash equivalents at end of period 806 (thousands)
The forecast shows a closing cash position at the end of June 2021 of $2,841,000...
The cash forecast to June 2021 is based on the ramp up production to 222,000 tonnes and the Group being able to achieve similar pricing for the Product as demonstrated in 2019. Based on the Group’s experience in its first whole year of production and the saleability of the Group’s products, along with forward orders taken, the Directors consider that the mine in full operation will generate sufficient cash flows to continue its operational existence for the foreseeable future and continue to adopt the going concern basis in preparing the annual financial statements.
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From the MD&A:
Q1 2020 FINANCIAL HIGHLIGHTS
• Revenue increased by 230% to $509,532, compared to $154,279 in Q1 2019.
• Production increased by 32% with a total of 6,375 tonnes, compared to 4,825 tonnes in Q1 2019.
• Sales increased by 830% with a total of 10,170 tonnes compared to 1,093 in Q1 2019.
In October 2019, the Plant 1 expansion was concluded, increasing production capacity to 500,000 tpy.
PERMITS STATUS - LAST 12 MONTHS
March 30, 2020 Environment Applied 2,500,000 tpy Preliminary and Installation License
March 26, 2020 Mining Approved 25,000,000 tpy Feasibility Study
March 25, 2020 Mining Applied 2,500,000 tpy Mining Concession Application
December 23, 2019 Mining Granted 100,000 tpy Mining Permit
September 19, 2019 Environment Applied 233,000 tpy Operating License
July 19, 2019 Mining Granted 233,000 tpy Mining Concession
July 16, 2019 Mining Granted 49,800 tpy Mining Permit
March 11, 2019 Mining Applied 50,000 tpy Mining Permit Application
SUMMARY OF LICENSES AND PERMITS In sum, the Group is fully permitted (mining permit and environmental license) to mine 199,800 tpy and has applications pending for an additional 2,733,000 tpy.
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