4MT at $11 margin = $44mil cash flow positive, page-4

I call it creative accounting!! Its the way your reading things, they are showing that the $56million is what there operating cashflow after taking away the main costs before having to pay down there debt agreement.

This is different to "net sale price" ($66) minus "Full cash costs" ($55)


"Highlights - Net operating cashflow of A$56M after interest, contractor profit share and realised hedge impact" - Dec Quarterly report

as full cash costs include a lot of extras as per below...

"Full cash costs includes C1 Cash Costs, royalties, freight, corporate and administration, exploration and evaluation, interest expense, contractor profit share and sustaining capital expenditure, but excludes depreciation and amortisation, one-off restructuring costs, suspension and ramp up costs of operating mine sites, and other non-cash expenses. C1 Cash Costs are inclusive of contractors and Atlas’ costs including Contractor Rate Uplift. Full cash costs are derived from unaudited management accounts."
- Dec Quarterly report

We can only work with the figures they give us but i don't know what decimal they move around to and just to start with we shipped 4037280 tonnes so those extra tonnes are 37280*11 = $410,080.

I would rather work off of the lower end and be surprised with higher profits then the other way around. You could always flick the company an email and ask them to explain the breakdown of there costs.