RE SEVENTH SHIPMENT, page-20

$10m a month revenue isn't as good as it sounds. Good news for Dec/Jan but not for June.

HMC price is about 40% up on DFS estimates but revenue is still well down because of low production rates and no final product sales. What isn't really known yet are production costs which will definitely not be at 2019 levels.

They forecast ~$180m revenue and $80m opex in year 3 based on final products not HMC. And assumed a 6 month ramp up to steady state nameplate production. The DFS assumptions are definitely being tested.

Each to their own but I don't see the SP doing much except hovering 25-30c until HMC tonnes increase significantly and they start selling some final products. Unless the quarterly is catastrophically bad for some reason.