Ann: Presentation RIU Resources Roundup Melbourne, page-5

re: Ann: Presentation RIU Resources Roundup M... No problem. It's a pleasure to keep track of this as we grow.

One difficulty I have with the figure announced today is that I have been concentrating my efforts on recording revenue which lags shipment by a fairly significant amount.

There is good reason for this, as shipments only get detailed (weight, grade etc) in the quarterlies once revenue is in.

But here's something useful in the last quarterly from 2 months ago:

As at the date of this report, three shipments (shipments #11 to #13) had been received at Malaysia Smelting Corporation (“MSC”) in Penang, Malaysia and were undergoing weighing and sampling procedures, and a further two shipments (shipments #14 and #15) had departed Egypt and were in transit to MSC.

So using my ready reckoner of 10t per shipment, we had shipped 150t as of 2 months ago. Now it's 190t which by my reckoning puts us on 2 shipments per month.

I've waited a long time to say this, but we appear to be producing tin concentrate at a level which covers our costs.

I think the next quarterly could be an absolute belter.