Not surprising to see holders like the report and non holders not like the report given everyone's predisposition. Nothing in the report stands out as good or bad for me.
Remember that sales price of US$1,280/t for SC5.2 is the average across Oct-Dec. The price of spod was significantly higher in Oct than it is now. They would be lucky to be getting US$750/t for SC5.2 at the current spod price. The quarterly is a rearview mirror event. The market is more focused on the future and the current quarter isn't looking good with regards to pricing.
The cutting of the dividend might see funds who bought in for the dividend sell. Although everyone except holders in love with the stock could have seen the dividend being given the chop.
Ann: December 2023 Quarterly Activities Report, page-66
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