Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-13

Let’s not get carried away with dividend talk! There’s is zero chance of an FY24 dividend and I’d personally prefer to see all their 12%+ debt retired before paying any cash out to shareholders.

Re the quarterly, good numbers and margin. Positive cash flow of $15m was also great to see. Once their capex cycle is over (end of this year) then we will see debt reduction as the priority I think.

On pricing, due to the off takes MMI have they don’t receive the quoted market price. They have a combo of fixed price, market linked, CFR and FOB contracts so I don’t t expect to see full index realisation - the prices will improve overtime though.