Ann: Koolan Island High Grade Shipments Increase, page-4

I must admit that it is bizarre not to be marked as price sensitive. Just about everything in the announcement will impact the share price.

Irrespective, is all good news reinforcing what posters to the MGX threads have been saying over recent months:

- Cash at end of May of $111m and debt facility repaid. I think they should collect a further (net) $35m to $40m in June = close to $150m cash at 30th June.

- Initial guidance for FY24 of 4.0Mt. That will drive a very profitable FY24 (my model suggests maybe around $300m NPBT at $104/t CFR; 0.70 FX and $50/t direct costs).

- These two items combined (strong Q4/FY23. strong cash and strong FY24) suggests that resumption of dividends it would not be unexpected.

- Ore mining of 0.7Mt for April + May (almost matching shipments in that period of 0.81Mt) and so maintaining their ore stockpile at 1.1Mt (valued at $110m+). They are demonstrating how well positioned they now are with mining operations roughly matching shipments plus a significant reserve of mined ore to maintain shipments at the indicated levels through FY24.