@RhinoInvestor , your post got me thinking a bit more deeply about the cashflow for C79 and challenged my bullishness! I knocked up a back-of-envelope cash flow xls to clarify my thought process, hoping it helps answer some of your questions/thoughts.

• The Capex for each unit was derived from the 12M Capex in the Appendix 4C - for 18 units, the calculated Capex is about $39.2m, which sort of lines up with the FY23 Growth Capital Expenditure below which was for 20 units, so I think this $2.17m capex per unit feels "about right"

• I assumed how many units will be deployed by month to make up the 18 planned units in FY24. The deployment is back-ended to make it more cashflow conservative, capex is spent in the month of deployment, and MMAP flows the month after @ $130k per deployed unit - the cash inflow increases each month depending on the number of new units deployed
• Cash Inflow from Ops - I took 3QFY23's Net cash inflow of ~$1m per Q - this is a proxy for cash flow in from the already-deployed 20 units less operating expenses - noting 4QFY23 was net outflow of ($0.6m), but allows for increases in Additional Assay Charges etc.

This super raw calcs point to the min cash surplus end-FY2024 to be shy of $30m, meaning, there should be no need for further drawdown of the CBA facility in FY2024.

Extrapolating into FY25, the Cash surplus of $29.8m should fund roughly 13.67 units in FY2025 without the need for debt. As of now, C79 has 11 units contracted to be deployed in FY2025 (49 contracted less 20 deployed less 18 FY24). Assuming no further sales (highly improbable), C79's cash balance will fund the remaining 11 units for FY25 without resorting to debt.

The $21.5m undrawn facility will, on its own, fund slightly under 10 units. If these 10 units were contracted for delivery in FY2025, total units that need to be deployed in FY25 will be 21 - more or less the same as FY23 and FY24, very much in the ball park.

So, as of now, it appears that it is not unreasonable to conclude that C79 is well funded up to end FY2025 to deploy 21 units through a mixture of debt and cash. With locked in contracts, clear visibility of revenue and cash inflows that stretch into FY25, with funding available for 10 new contracts, I think this is as certain as it will get that C79 will have no reason to capital raise.

I think the key point is the progressive increase in MMAP which flows through as soon as a unit is deployed, so each deployment results in a contracted step up of revenue and cash flow. This is what makes C79 highly attractive in my view.

Completely happy to be corrected on the thought process and assumptions. It helped clear my head a bit anyway!

Discl: Held IRL, looking to top up on weakness