Base Resources LTD (LON:BSE) boosted its net cash position by US$800,000 during the third quarter to March 2019.
Operational cashflow rang in at US$16mln, but the company then spent a refundable US$2mln on VAT, and US$13.2mln on capital projects.
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Overall, Base ended the quarter with net cash of US$1.8mln, a balance of the US$31.8mln it holds in cash and cash equivalents, and a US$30ml revolving credit facility debt.
As predicted third quarter production was down, as transitioning to new parts of the Kwale mineral sands mine in Kenya continues.
But rutile and zircon prices strengthened, with zircon prices stabilising and expected to rebound during the seasonally-strong June quarter.
Base reiterated its 2019 production guidance of between 385,000 and 415,000 tonnes of ilmenite, 31,000 and 34,000 tonnes of zircon and 88,000 to 94,000 tonnes of rutile.
During the period, the company also released an encouraging economic study, detailing the potential of its Toliara project in Madagascar.