Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-12

Zircon is ~19% of the basket - US $700/t, which is a lot lower than i assumed they would get.
They mention it is lower because of the lower than expected Ti02 content and expect it to be similar next Q.

Ilmenite is ~67% of the basket - US $123/t.

Paramag is remaining ~8% of the basket, seemingly still uncontracted.

So the overall basket price is circa $340 AUD/tonne of HM (exc. royalties), depending on how you want to account for the small paramag etc.

Total production (basket) for Q was 51,000 tonnes (i.e. SFX portion @ 50% ownership). If they had sold all this product in the Q window (to enable more of a like for like comparison of revenue/costs),SFX would have received circa ~16M AUD for the Q after royalties.

C1 costs for SFX were ~22M AUD for the Q.

When ~steady-state is reached (up from 40-45% level in the March Q), SFX revenue post-royalties should head towards 35-40M per Q. Obvs I have no idea where the C1 costs will end up after ~steady-state is reached - but >>more than the current 22M per Q. Then add a little corp cost & debt repayments etc.

Bottom line, dismiss the fanciful $100M p.a. free cash flow idea.