Ann: June 2018 Quarterly Activities Report, page-42

Good post. We need to see the audited accounts but we may not even get to that point!

Working capital would mostly be in relation to the lithium deal. We've likely spent those funds on purchasing the DSO from PLS, crushing and cartage to port.

The DSO would still be sailing so we will not receive funds until Sino are in possession of the DSO. 80K tonnes x US 150 (approx) = AUD 16M (0.75 aud)

This would give a net profit of a couple of million which seems bout right as per their forecasts.

Also provisional pricing it seems affected our April profit. Lump premiums only escalated (up 50%) in June so there could be better cash flow realised from July. Also c1 costs could drop back to the high 30s once double handling is removed from later this quarter.

It's not as dire as it seems. Either of Gina or Twiggy would achieve much better full costs in any case given more efficient cartage to port and better economies of scale with production.

Cheers