Ann: Company Update & Future Outlook, page-12

25% discount to the stated benchmarks is not marginal in a commercial operation, for most businesses that is an exceptional margin to be giving up. Again we don't know what the pre-commercial tonnage price vs normal tonnage price is so maybe closer to the $300USD mark but definately nowhere near the price people were expecting. Especially given the assumption is a shortage of product that customers were madly trying to secure.

Don't get me wrong it's still a very profitable business but the way they have framed and built expecatations is not ideal. They need the NAIF funding to get through, i imagine they were waiting for full year accounts before finishing their due diligence.