99.95% High Purity Manganese, page-521

While its possible, I suspect there needs to be clarity on who owns what and therefore a clear and distinct change of ownership. Ore on a ship creates a clean divide. Ore delivered to a new location does this cleanly. Ore being delivered to a pre-departure port stockpile doesn't because the size of that stockpile area should be changing all the time as further trucks take ore from mine to port. Given there look to be two types of shipment (ordinary and high silica), there are probably multiple distinct stockpiles at both mine and port meaning "at port" is not a precise enough statement as to what item has changed ownership.

I'm sure E25 would have loved to have been able to say commissioned and received first part-payment for ore in the 2020/21 financial report. We now know that as at 30 June 2021 there was 14,233t at port. That ore left mid July. No revenue was received in the June 2021 quarter.

The expectation was set of a second delivery in the quarter. While it may be a narrow miss with a good explanation its still a miss. That bumper quarter with good production volumes and more shipped than produced is now looking to be the September quarter.

While annoying now, we should get a 30 June 2022 inventory volume figure. We know the capacity of this ship. If further shipments become regular in the next quarter, its going to provide confirmation production levels have increased from their historical levels towards nameplate. I thought we would get this confirmation in the June quarter but it didn't happen. Even if this shipment had occurred in the June quarter it wouldn't have confirmed near nameplate volumes during the quarter (shipping over 100kt in the quarter was needed given opening ore on hand).