When in doubt the DFS is your friend.They forecast making $38m a...

When in doubt the DFS is your friend.

They forecast making $38m a quarter selling HMC and $43m a quarter selling final products. This is based on running at nameplate and is about a 15% premium for final products. Forecast HMC price of around $700/t HMC is close to what they are getting. The hope is that they can get an extra $500-1000/t for premium zircon compared to DFS pricing but it only makes up 15% of production at very optimistic recoveries and so far they have only made standard zircon in whatever amount. Final products are a basket price so subject to making all of the products and impacted by the Zr and Ti prices.

15000t a month x $700/t + 20% premium = $38m a quarter. Still not enough to cover costs.