Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-11

Reading between the lines:

Cash margin of at least 23% or $115 per tonne (Cash receipts less production).

Cash margin likely at least $200 per tonne (Based on comment in the report that mining and crushing was majority of production cost AND they mined for the next quarter as well coming from a low base)

Transport costs - significantly reduced based on their comments about composition of production costs and the agreement they signed.

They have started funding stage 1.5 themselves (0.5mln) They probably would not want to say they could do it themselves as to not jeopardise NAIF application.

Next quarter on these numbers looks like cash operating profit of $9mln (45kt x at least $200pt). Annually, $36mln. That's before stage 1.5 or further cost improvements