I felt that this quarterly was much better than I had anticipated. Because last quarter we utilized the ROM to help reduce costs, and Lucas stated at the AGM that during Q2 we had fully rebuilt what we used in Q1, I was certain costs would be higher. As a matter of fact even in the previous quarterly they made mention that this quarter costs would be marginally higher before reducing in H2. So the fact that costs were down was actually a very nice surprise. Based on the answers Lucas gave it sounds like they feel pretty confident that they will hit the low end of guidance (A$1150). Getting your average down to A$1150 after already logging a 1335 and a 1258 means they will need to average around A$1000/t for the next 2 quarters. Lucas did not seem think this would be a problem.
I thought the meeting was done very nicely and have thanked those involved in putting it together. I feel like we have finally turned the corner, we just need some help on price and we may see a profit next time we have a quarterly.
SYA Price at posting:
2.3¢ Sentiment: Hold Disclosure: Held
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