MLX 1.15% 44.0¢ metals x limited

Whilst the end result of +$25m is very good, this is essentially...

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    Whilst the end result of +$25m is very good, this is essentially the benefits of having a bit of excess inventory that was flogged off to make up for the production shortfall.

    Even if you assumed that production issues next quarter persisted it would likely still see a significant cash influx with the rising tin price. The interesting thing is that the reasons given for the issues are super opaque. Of the 4 reasons given - adjustments are ongoing. The mill roof was fixed so I'm assuming that issue is resolved. Access to Are 5 high grade scheduled for Q2 so theoretically this issue should be resolved. I would have thought they are mining from multiple stopes to ensure these sorts of issues don't impact as highly?

    The lack of access to the high grade stockpiles seems unusual. Stockpiles I assume are sitting there on the ground waiting to be scooped up and put in the mill. You can't access them for 3 months for what reason?

    I'm thinking access to the Area 5 high grade stopes should be the only ongoing issue next quarter. I'm thinking there is a good chance production rebounds next quarter, but they didn't explain the issues this quarter well so it's still up in the air.

 
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