Ann: Quarterly Activities Report, page-3

For a MC of $60m, the fact that TI1 has 550,000t of product sitting in a stockpile and $14m in cash is incredible. Bearing in mind the cost of production of the stockpiled product is sunk cost, they should be able to realise at least $A100/t which along with the cash pool would equate to $70m.

Hard to see why TI1 SP is so low but when the time is right and they start offloading product, we will see some handsome returns.