Except for the fact there is still no explanation as to what...

Except for the fact there is still no explanation as to what happened to production in the last quarter, and continually changing metrics...

Last month production 18,578t = 222kt pa run rate, despite earlier statements of 240kt pa and subsequent announcements of further production enabling improvements.

Numbers confirm there was f*all production last quarter.

Inventory at end of April:
1. Port about 14kt (588 containers x 24.52t) of which 10kt was shipped
2. Logistics chain 1,500t (63 containers x 24.52t)
3. Mine site 1,000t (39 containers x 24.52t)
Natural question - How much in the drying pads??????

Inventory at end of March:
1. Drying 28,116t
2. Concentrate 7,736t
Natural question - Where the f*ck is all that now???? Still drying???

They maintained guidance of 55kt sales (notably not shipments). Stated that late June / early July 2024 shipment will be approx 25kt on ship Laycan.

I could not find a ship named Laycan in a global vessel database. Therefore it is impossible to check the tonnage.

More importantly, to achieve 55kt pq, the next shipment needs to be approx 20kt. According to company that is scheduled for 17 May 2024. Notably they don't provide the ship name and although port data shows fertiliser exports being shipped in mid-May, none by Aurizon so far. Without the ship name it's impossible to check the tonnage, which is probably done on purpose by the company. Because they only had 6.5kt of product at port, in the supply chain and at mine (see above 4kt + 1.5kt + 1kt).

Therefore 55kt this quarter is unachievable, the company knows that and intentionally misled the market.

I have no faith in company reaching any production or sales targets at the moment.