Ann: Quarterly Report and Production Guidance/Cashflow Report, page-178

I was just trying to work this out as well as I'm trying to do some valuation calcs.

The 11 May 2023 announcement footer fine print said that they’d received A$21M for 90% pre-payment of the 3,500t shipment. So grossing up on a 100% basis that implies they got A$6,666/t.They then received A$91.6M for 80% pre-payment of the 15,000t shipment. Again grossing up on a 100% basis implies they got A$7,633/t. These figures seem high, especially when you consider that PLS just reported this evening and their average sales price on SC5.3% basis was A$4,788 for the past quarter.

However when you check page 9 of the CXO quarterly they’re anticipating having to refund as much as US$15M / A$22M of that, and that’s assuming the spod price flatlines and does not sink further.