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The directors will be awarded a hefty bonus as a reward for the asset sale

Brian said there had been a 25% rise in the sales price since Q1. The revenue in the interim accounts is likely made up from orders taken in Q4 2021 and Q1 2022 due to the lag in processing orders and revenue recognition. Therefore the current average selling price is likely to be closer to 100 AUD than 78AUD given what Brian has said.

He probably meant 100 AUD/tonne which is around 25% higher than the 78AUD/tonne derived from the figures in the interim accounts

Just started doing some research on BZT.
Where can I find the scoping study report? I saw it referred to in an RNS from August but couldn't see any metrics like NPV or IRR etc.

Wasarunner - I didn't bother using the fully diluted amount of shares, just the amount that will be in issue following the placing. I just did it as a quick exercise to see how much the dilution had cost shareholders.

Those figures are conservative but still shows a very profitable company.
Brian said the auditors wanted to include the non-cash items in cost of sales rather than admin/fixed expenses but nothing had actually changed from a cost of sales perspective since he suggested using a 25% margin in July. Using this margin will give you an idea of cash generation which is really what matters here.

Wasarunner I also used the 1.45bn figure. I thought it would be an interesting exercise to see how much of the company has been given away to get to this point.

I have calculated that Horizonte has given away around 73% of the company in dilution to get Araguaia into production.
I wonder if the company received any serious JV offers that might have been a better option for shareholders than going down the dilution route

After listening to the two interviews, the fall in the share price is a great opportunity to invest in a business that is becoming increasingly cash generative and doesn't need equity raises to fund it

Yes, that's correct, $78 was the average figure for the 35k tonnes that was recorded as revenue in the interim accounts so most likely from orders taken early in the year so the current price should be significantly higher

He stated that there has been a 25% price rise since Q1 during the Investor Meet Q&A session

Brian's final comment made me laugh :-))
The business is prospering and becoming increasingly cash generative is the main takeaway from both interviews.
The price of the product has increased 25% since Q1 so that needs to be factored in when making calculating future revenue and profit

Directors paid themselves over £3million last year despite the need to conserve cash.
Why aren't they willing to be a bit more conservative with their remuneration until the company is cashflow positive?

I'm surprised to see a further fundraise as the original raise included $100m for contingency so didn't expect them to burn through all of that so quickly

They are lowering the conversion price of the loan notes that will also increase dilution for shareholders

Lots more shares for everyone

I meant $3.568 million debt at end of June v $2.771 million on the same date last year

Where did you see a short reported?
Are you referring to the 300k shares trade that was delayed from Friday?

Very pleased with the increase in exposure up to 80% of the lithium and gold projects. If exploration goes well lithium projects can yield an extremely high return. Look at ALL 's recent feasibility study which has a 224% IRR and an Australian company Sigma Lithium released a feasibility study with an IRR of close to 600%. At these rates CAPEX can be paid back in a few months which makes a good lithium project very desirable.

Total debt was $3568 at the end of June which has increased significantly from the same time last year when it was $2771. The debt has also increased in GBP terms due to the very strong USD plus the interest rate on the bank loan has increased.
I was also disappointed there was no mention of Tunisia in the update.