Ann: September 2021 Quarterly Activities Report, page-18

I can see it's pointless talking to you so this is my last reply to you if you keep talking in tangents.

Which were loaded with the crane makes no difference. It is irrelevant, what is important is if the crane loaded a cape or an ultra.

The crane if anything adds another 4-6 dollars per tonne sold if it's loading a smaller capacity ship. The savings on the 90k tonne capacity are not even enough to offset the cost of the crane.

You seem to think Crane = Profit, but the crane will only make a profit if it's loading a capesize boat as it adds costs of 4-6 dollars per tonne as guided by the board themselves. Please understand that.

So going by the facts we have, not your speculation, and if I use your (as yet speculative) 1MT benchmark, then 5M loss on shipped product is realistic seeing near -6 EBITDA per tonne last quarter, and 3/tonne extra costs on the 250-500kt loaded (crane costs offset partially by the 90kt ones loaded according to you). Ofcourse this is offset by slight rise in bauxite price for alumina linked contracts for october.

With that in mind, seeing we had 5M cash in hand Sept End, and are likely to have bled another 3-5M in October we are close to empty. Happy to hear an argument for why we don't need a cap raise imminently. Winter Cash of about 10M needed, does that seem accurate? 5M more for buffer and raising costs, and then let's hope freight prices are normalised come April. The sooner we raise done the better. Are people forgetting the board let this collapse to 2 cents before raising instead of 6c, i fear they might be going for round 2.

I bought this dog at 10c, so it's not even worth selling but thanks for your unsolicited financial advise. If you want to talk some sense, happy to talk, but if you just want to ramble and just say lalalala, have a good day.

Detector (of gold and BS)