$434M Rev, $98.5M NP, page-82

" do they have enough A2 certified cattle to double production year on year for a while"

That's why the market is excited today beyond the H1 report. Yes, they basically now can double production year on year, if they choose to, with Fonterra.

Since you like your lithim, think of it in lithium terms; A2M have contracts to supply lithium to huge numbers of customers around the world. Their customers keep asking for more lithium but they cannot supply that demand and they don't want to create too much more demand which they can't fulfill. So instead of getting exploration licenses, spending many years and dollars exploring for more lithium, they just signed up a major lithium miner who has reserves of lithium to the 22nd century, but cannot find enough customers. Better still A2M has methods and know how to extract extra value from the low grade lithium from this miner which the major minor thought was BS for many years. It got so far behind in the technological changes in this extra value extraction method that it can never catch up. So now it has basically admitted defeat and signed up its nemesis to supply it with all the lithium it could ever need.

They will both win from this deal, but based on the sharemarket reactions of both companies today, I get the feeling A2M has won the war:

https://www.nzx.com/instruments/FCG