I think of “sales and marketing” costs as fairly variable.. that is to say linked to revenue/tin price. This includes royalties (circa 5%) and the smelter charges are often at terms such as charge you [X]% of the tin contained in concentrate (circa 10%).
With the imputed revenue bouncing to A$123m the sales and marketing costs have also climbed. It’s more or less inline with my expectations (~14% of revenue) but for sure it’s difficult to see any material improvement since switching smelters.
MLX Price at posting:
41.5¢ Sentiment: Buy Disclosure: Held
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