Ann: Altura Completes October Shipments of Lithium Concentrate, page-68

I am going to ignore the mud slinging for a minute.

Let's recap a few things here on pricing for clarity.

Average price realised in Sept qtr: usd599/dmt cif
Adjust for 8% moisture we get usd651/wmt cif
Less c.usd25/wmt for insurance & freight
Equals usd626/wmt fob = usd576/dmt fob
Close to floor price.

Now the tricky part, royalties. @sabine You might be able to help here with your detective skills.
From atlas' preso and ajms annual report
"Atlas holds 5% gross sales royalty over M45/1231 which forms part of Altura Mining’s PilgangooraLithium project"
"The mineral exploration segment revenue comprises royalties received and interest earned on funds raised to carry out the exploration activities."
Sounds like ajm receives a royalty as well.
Are there native title royalties? Assume state royalty is 5%.
So assuming 10% all up.

Sale price usd576/dmt fob
Less royalties 10% = usd518/dmt
Less interest cost usd110/dmt
Equals usd408/dmt
Less corporate costs usd60/dmt
Equals usd348/dmt (A)

Reported average sept qtr costs usd365/wmt = usd334/dmt
Bearing in mind this is a 3 month average, the chart in their rights issue preso shows Sep month end costs around usd310/wmt = usd285/dmt (B)

Margin before other costs
A - B Usd348 - usd285 = usd63/dmt

This does not leave much breathing room as it needs to cover the working capital squeeze from growing inventory as well as any other costs I may have left out.
This is why they need to get the rights issue away.

Deary me that was painful typing out on a phone.

Usual disclaimer, aimo.