The Dawn of EV, page-1345

Thank you @Garant
"Once upon loading the first payment and then the final payment when the material has arrived or has been processed."

Yes that second payment is what is being discussed with references to smelter credits. Is is a key missing piece of the pricing profitability equation. For analysis purposes its annoying as it means shipments have revenue spread across quarters. Depending on how well E25 presents this, it may become impossible to unpack as shipping volumes increase. The PFS modelled these 2nd payments at approximately US$0.65/dmtu on 85% of production.

At name plate using the PFS's US$0.65/dmtu and 85%, the final payments will total around A$9m/year. The absence of this receipt in Q1 and Q2 has been used by some posters as evidence towards E25's lack of profitability. The lack of clarity in E25's reporting as assisted these posters to make this position. Also as E25 expands production it means there will be $27m/yr that is delayed cashflow. True profitably should be a lot higher than the cash flow shown in quarterlies.