You are absolutely correct, and in fact your post makes a very bullish point.
Ramp up costs in Sep23 quarter related to product sold in Dec23 quarter (37kt)
Further ramp up costs in Dec23 quarter related to product to be sold in Mar24 quarter (estimated 50kt).
The crushing costs were only reduced in December month so not fully realised on a quarterly basis.
But despite the ongoing increasing ramp costs the quarter was cash flow positive.
Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-22
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