Ann: June 2024 Quarterly Activities Presentation, page-12

By revealing the 'trending up' of coarse flake pricing the quarterlies revealed the price obtained from fine spot sales. It's not good and going south from the March quarterlies, therefore challenges the campaign mode direction - which is essentially betting on improving fine price approaching break even, it backfired.

Say 1000/t towards end of the quarter, let's be conservative and assume coarse price is lower before so say 900 (it's a good thing, keeping average price fixed, a lower general coarse price means a relatively higher fines price, you want a couple $ gain in fines vs coarse because one is a by product only).

There's the stats on amount sold = 10kt
There's the stats on proportion of fine/coarse produced at 88/12
There's the stats on fine/coarse sold of the 10kt at 0.75/1
There's the average basket price at 735
There's implied coarse price at 900

You work out the implied fine price (optimistic given 900 used). Go ahead do the primary school level math. It is not good, even though it's just spot price ie whatever price you can get and negotiated off takes may be a little higher.

What's worse, since more coarse were been sold than produced in the quarter, the average price is not even sustainable in future quarters. Why management choose to report pricing this way is another question you should ask. Seems to gave few people false hope here, but the numbers are all there.