@Cm773,from 28 Jan 2021's announcement there was the comment...

@Cm773,from 28 Jan 2021's announcement there was the comment that:


The half year accounts to December 2021 indicate this clause wasn't implemented for the first shipments

• There was 14,515t of Ore at port at 30 June 2021 and no sale revenue was recognised in the accounts to 30 June 2021
• The half year report notes 93,991t shipped which is consistent with 53k in shipment #1/#2 and 41k in shipment #3.

The oddity in the last quarter has been what's happening. As at 31 December 2021 there was 438t at port and 8,535t at Butcherbird (8,973t total). Even at 80% of nameplate, production through to today is 94.4kt indicating >100kt of Ore at either at butcherbird, at Port Hedland or having been shipped. With Angelic Anna having a capacity of 37kt (wet), the dry weight shipped is probably not much over 35kt. At 80% of nameplate, where is the other 68kt?

• Are stockpiles being accumulated at Butcherbird (possibly pending reprocessing that would improve grades)?
• Is a large stockpile building at Port Hedland for a monster shipment?
• Is production even lower than 80% of nameplate? (and if its that far below nameplate why are Petra capital confident of nameplate in June Qtr)
• Are E25 now implementing this small parcel size delivery option?

There would be some merit in implementing this 1,000t clause
Since mid March 44% prices have been close to, if not above US$8/dmtu prices. At this price I'm presuming E25 would be happy to receive 90% now and 10% later. If shipping/grade adjustments were $2/dmtu they would be getting $5.20/dmtu now and another $0.80/dmtu later. There may also be smelter credits later. Getting over US$5/dmtu as cash now would worth triggering this small delivery clause for - better than expected with upside of subsequent payments.

If E25 are passing ownership at the port to OMH then there would be no shipping details for E25 because it would be OM Holdings that would be commissioning the shipping. Has anyone seen recent or prospective shipping details related to OH Holdings rather than Element 25?

Editing note - these are just some random desk-top mumblings, rather than having any evidence (other than odd comments in the Petra capital report). It may either look really silly or incredibly insightful when the quarterly comes out.