2025 Pricing and Margin, page-9

https://hotcopper.com.au/posts/79526264/single
The above from you know who. And shifting discussion to a better thread, I think.

I was looking at this and struggling to imagine a price low enough to not allow MMI to pay the principal payments due, the interest, operational costs, other corporate and overhead costs, plus Q1 next year's shutdown costs and meeting the legacy contract deliveries, without positive cashflow.

As I calculate, at that recent price our good friend posted, less deduction for MMI quality measure, Metro are good.

And, as well as being cashflow positive through until Q2 next year and then further cashflow positive from there, I see them also being ahead enough, from debt repayments and profitability of shipments, to report a decent net profit after tax. Presuming the forex position unwinds as expected and that the legacy contracts are not cashflow negative.

That's from layering significantly lower prices into the analysis I posted above in this thread, here
https://hotcopper.com.au/posts/79313463/single

I'm not infallible, assumptions as above, DYOR etc

But I think we look pretty robust here.