If E25 doesn't have a second shipment in Q3, it should be in early April. This will mean its known when the quarterly is announced late April.
Also if running at 1kt/day (365kt/yr), Q1 is at 90kt not 60kt meaning the carry-over is around 53kt not 23kt. There was also a little bit of December mining but this may offset any further ramp-up period in January. I'd also expect the imminent shipment to be nearer 30-35kt. No past shipments have gone at full technical capacity.
If there is only 1 shipment this period it means Q4 has perhaps 55-60kt of carry-over and 91kt across Apr-June. If there is only one shipment in Q3, there is potential for three shipments in Q4 with two of these being 50kt+. If 150kt was shipped in Q4, the shipping receipts could be in the A$25m-A$30m range for the quarter given current improvements in the Mn price and probable improvements in shipping.
E25 Price at posting:
$1.07 Sentiment: Buy Disclosure: Held
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