NTU 8.22% 6.7¢ northern minerals limited

my point is this money won’t go very far, by my reading of the 5...

  1. 593 Posts.
    lightbulb Created with Sketch. 92
    my point is this money won’t go very far, by my reading of the 5 June 2019 announcement NTU have to repay the ATO $558,000 per month - that is $13.4m divided by 24 months, with this from the ASX announcement of 5 June 2019

    Australian heavy rare earths producer, Northern Minerals Limited (ASX: NTU) (Company) wishes to inform investors that further to the Company’s announcement dated 31 May 2019, the Company and the ATO have reached an in-principle agreement regarding the Company’s repayment of the $13,409,315.90 amount owing in relation to the Company’s 2016/17 and 2017/18 R&D Claims (Amount Owing).The key terms of the agreement are set out below:

    1. Repayment of the Amount Owing (plus interest) will occur over 24 monthly instalmentscommencing on and from 1 July 2019 (Payment Arrangement).

    so by my rough calculation, with paying management costing around $283k pm and repaying the ATO at $558k pm - that sees $841k pm going out the door

    $6.9m divided by $841k = will last a little over 8 months

    but wait there’s more - what about paying for further exploration, ore separation, enhancement activities, and the little plant running cost etc.

    based on the above my guess is they will be tapping shareholder to kick the can again within 6 months

    This is now getting very interesting, especially given the recent selling of shares by a couple of the director !!!

    Last edited by 92electrons: Friday, 05:59
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