CXM Chart, page-79

$300mln market cap puts us around 50c...

and if you zoom out to daily and weekly, the chart likes tight compressions with bursts tripling the share price within 1-4weeks.

the agreement that they announced today - binding logistics for 200,000 tonnes over next 12 months - supports that based on the conservative estimate that we make $150 per tonne only (current market price A$420pt less all in production and logistics of A$270), giving a profit of $30mln.

I don't think we will see reliable unit cost (production / logistics) until annual report in Aug. If it's lower than A$270, we'll see further rerate. If it's A$270, then we'll still see a further rerate on increased volumes.

See you in mid40s in the next few weeks.