Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-94

Nobody expects Bruce to actually commit to production updates before end July in the June Qtrly, me either, but suggestions production updates are a distraction that takes days to write and manage is simply not true. Anybody worked on a mine knows that daily production stats are targets set for respective teams across the mining process, and closely monitored by management. At the end of every month surveys are done for volumes so that firm monthly production stats are reported to the board etc.

Takes few days for various departments to compile their numbers (eg mine volumes pit to plant, geo ore grade reconciliation, met recovery reconciliation etc) but the final result is a very simple table, with explanations by various departments commenting on their results. The relevant data for markets has been clearly identified by now for TB... ore mined, grade, % expected undersize sent to WCP, % expected TiO2 and Zir recovered from CUP, tonnes of product and % yield vs DFS expectations. The Qtrly table just needs rows added for % U/size to WCP (eg 75%), % Recovery to CUP (eg 117%), % Net Yield... voila!

A small explanation of how the ramp up is developing vs expectations (eg material breakdowns, OS performance etc) is all that's needed to qualify what is otherwise simple table that speaks for itself. Bruce clearly flagged that ore losses to OS per tonne running at 75% is the ONLY negative situation he's not confident of resolving, and it is the biggest issue that caused SFX shares to fall.

Whether or not communicating the known monthly stats to the market is "unnecessary noise" or continuous disclosure for a fully informed market is subjective. It seems an easy and obvious way to communicate monthly reality, such as the Jan fall in SFX price while production fell to virtually nothing, or improvements in Feb/March. I can't see why any shareholder wouldn't want an update, unless they access to monthly progress from whatever sources and prefer to keep the information asymmetry as it is.


For the March quarter, heavy mineral (HM) ore grade of 13.6% was achieved, with observed oversize material during the quarter higher than expected within mined ore blocks. As a result of the higher oversize, approximately 75% of the expected undersize is being delivered from the DMU to the Wet Concentrator Plant (WCP). The WCP and Concentrate Upgrade Plant (CUP) are performing well, withachievement of higher than expected recovery of TiO2 and ZrO2 to ilmenite concentrate and zircon concentrate respectively from ore feed throughout the quarter. The net impact of observed higher oversize results and higher WCP and CUP recovery is an approximate 85% yield of expected final products from the volume of ore mined. Whilst oversize material within the localised mining area is higher than expected, further ore body definition work and analysis of oversize in the ore mined and WCP and CUP recovery will continue throughout 2024 to assess any material variation to earlier Thunderbird feasibility study results.

GLTAH