Ann: First Lithium Shipment Boosts NAL Revenues, page-114

Yes that is roughly the deduction I think they intended from the information they have provided in this announcement. Previous quarter (June quarter) our operational costs were $74m. I would say they would be similar this quarter give or take.

To clarify for those not aware, we currently have 8 DRILL RIGS AT MOBLAN according to Guy, that is the same as Winsome and Patriot combined, just at Moblan currently, let alone NAL. We are drilling 110,000m currently. That costs money. Yet we are also producing at NAL also and yet are valued with MC half of Patriot lol. You can't make this stuff up...


With actual revenue in we so far have only received 90% of our first shipment as we have only just started shipping. The payments from PLL for their first 2 (2 x 15kt) will likely come through next quarter also even if shipped in September. So, due to the schedule of shipping and having only just started, what they are telling us is that our revenue in this very first quarter of shipping will not cover our overall operational costs as a company.

That's fine by me. The important thing for me will be, will this first shipment alone cover the production costs of NAL for the quarter, and I would think it very well will, which shows we are actually generating profit from this project with only 1 shipment.....

The December quarter (and subsequent report) will be the one to more accurately show revenues vs operational costs etc, we also should have achieved nameplate by then so again, costs per tonne should reduce and stabilise from that point.

There is a lot of complexity with starting up a mine and concentrator, I think it sounds to me as if we are on track and in comparison to peers (e.g CXO) seem to be smashing it.