Ann: Commercial Production Declared at Balama, page-19

If we read the criteria for the declaration of the mine production as "Commercial", this announcement looks very significant.  There are six points listed in the 2017 Annual Report:  (I have slightly rephrased, for brevity)

1. All capex for nameplate capacity operation completed

2. Plant control transferred to Operations team

3. Plant capable of operating at or near planned throughput levels

4. Grades and recoveries consistently at or near expected levels

5. Continuous achievement of grade and quality specifications,and product has satisfied customer end-user tests

6. Operating costs under control and within expectations

The Board has said that these criteria have been met, as of 1 January.  That suggests that production rates are substantially above 250K t/a, and that nameplate production rates may be achieved shortly.  That would have a dramatic effect on profitability, and make a cashflow-positive position in Q1 2019 a near-certainty.

With a healthy cash-at-bank position, setting up the BAM plant could be accelerated - which would further enhance the prospects for a strong profit result in 2019.

Looks to me like this company is starting to make real money this year, and there is a lot more to come.

Cheers