Ann: June Quarter Activities Report and Appendix 5B, page-15

Perhaps production costs, had a component of capex repayment lingering at start of q.. ?

"Net operating cash inflows for the quarter were $15.3 million, there was no material capital expenditure and
all development capital provided by Pilbara Resources Group was repaid with the Alliance now moving into
full profit sharing at 70% GWR and 30% PRG under the terms of the Alliance contract.
• Unaudited C1 FOB cash costs for the quarter were A$120.3 per wmt and the realised sales price was A$278
per dmt, or A$241 per dmt FOB
• Shipping costs increased slightly through the quarter with a competitive market for Panamax size vessels,
the maximum size able to be loaded from the Port of Geraldton. These costs varied from US$22 per wmt to
US$28 per wmt through the quarter"

Does sales price $A278 , come or $A241 FOB inclusive of shipping ?

If so Please correct my math then. - $A241 FOB - $A120.3 = $A120 margin ? x 220,764 x 70% = 18.5m profit margin to us.
Then you have the administration costs, etc.other write offs.