Ann: December 2017 Half Year Financial Statements, page-2

$14.4M in sales from BA with $10M cost of goods sold... A couple of key pieces of information though;
- BA saleable production 405kT vs. 204kT of sales
- BA TLO to add $20/T margin

BA: Selling at $70.5/T ($14.4M / 204kT sales)
- Assume next half 400kT of sales (we were ramping up last Q hence high inventory at end of quarter)
- Equals $28.2M revenue
- Cost of goods sold will be prorate increase (but sales only 50% of production last H, so small increase)
- Potential EBITDA from BA $13.8M / quarter

Then add in a conservative $15/T (company thinks $20/T) for TLO commissioning
- Potential EBITDA from BA $21.8M / quarter

So good to finally see segmented revenue information, BA is well and truly a cash cow... Very dependant on thermal coal prices, however BA could be providing upwards of $40M per annum to pay down debt. Also of note is that although BA has achieve nameplate capacity this has not worked its way through to the ROM or saleable numbers.

Maybe this report will raise some eyebrows... Maybe not, still a mountain of debt to go!