One of the reasons operating costs are so high is because they are running vessel(s) to monitor & collect the abalone but with relatively low ssles.
The increase in operating costs with the volume scale up will be relatively small.
The low revenue quarter was Q3 where they stopped harvesting fot a period during Jan-Feb. Q4 should be a lot higher than Q3.
Break-even wasn't forecasted until 100 tonnes which IMO won't happen on a pro rata basis until sometime during 2019/20 year.
Sales are made out of shell as that is what the majority of market is demanding, however they are looking at doing in shell after requests from customers.
Ann: Quarterly Update and Appendix 4C, page-7
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