Ann: Shipping Update, page-18

* Converters also don't want to switch SC6 suppliers once their plants are adjusted (which takes time/money) for that feed.
* Good to hear 'existing offtake partners, who reinforced their intention to continue with scheduled purchases of our product for the remainder of 2019 and beyond.'
* Looks like US$600/t for Q3 but likely a dip in Q4 as dictated by the market prices.
* 45.5kt wmt production is 83% of nameplate. Room for increased output there still.
* Focus on 'Internally our focus is firmly on production and cost of that production.'
* Hopefully, that 10kt shipment is early and more to come.

AJM will still be losing cash on this performance however, if they can reduce cost, increase production, they should be able to weather the storm. Worst case scenario, more dilution which I'm not ruling out unfortunately. The sector can't sit down here forever with the 80%+ YOY EV battery demand growth.