Lynas Business Plan, page-20

I put some numbers together from the half year accounts.

Some have wanted to use the headline $104 mill loss, others are stuck on the cash receipts and payments.  
The accounts are the only numbers that take into account the actual sales and expenses for the period reported. Some have suggested the accounts are dodgy.  They have been reviewed by the auditors even if a full audit was not done. (that entails doing things like the auditors sending customers and suppliers letters and asking for confirmation of teh amount owed to Lynas or owed by Lynas amongst other more detailed review)
When you look at Lynas accounts you have to include admin as well as they still putting some operating costs in admin.

The accounts also take into account things like seeding phase 2 with Ph 1 production, they move the cost to the WIP or assets account (and they do have raw materials in the assets

So the actual operating loss for Dec half year before one offs was $55 mill
And EBITDA (really the cash cost when you eliminate the timing issues by using accrual accounting, which is the international standard) was a loss of  $34 mill

There was discussion about Dec qtr ASP price and I think it was proven that it was low, the company did say they sold offspec stock, so if you used Sept qtr prices for Dec qtr you would reduce the loss by $6.6 mill and you would have an adjusted operating loss of $48 mill or and adjusted EBITDA loss of $27 mill.

So to have an operating break even operation, they need to find at least $48 mill this half.

Price will be one component volume another and reducing cost of production another.