Ann: Quarterly Activities Report, page-22

From June quarterly report:
"Sales from Koolan Island are made under long term offtake agreements on FOB terms, with pricing
referencing market indices and Panamax shipping freight rates, specification adjustments and penalties for
impurities. Provisional prices are recorded following shipment departure and the final pricing ultimately
reflects monthly averages up to two months after the month of shipment. Accordingly, the Company is
subject to pricing movements in subsequent periods, with such provisional pricing movements estimated at
each reporting period end.
For the June 2022 quarter, ore sales revenue totalled $120 million Free on Board (FOB), reflecting an average
realised price of US$122/dmt FOB. However, significant iron ore price reductions at and following the end
of the quarter mean that downward provisional pricing revenue adjustments are expected to be incurred.
These post balance date net reductions, which are currently estimated at approximately $26 million, will be
reflected in the Company’s 2021/22 annual financial statements. "

So it looks like price difference between received and finally adjusted is average of up to two months after shipment. Last quarter that was $26M down which was reflected in this quarter, IMO that's why received ore price for this quarter was only US$96 versus current average US$115 just in case the ore price keep dropping over next two months