Ann: December 2024 Quarterly Webcast, page-51

My 2 cents. Re the Tantalum, I would stick to the company forecast AISC which has it included.
The more individuals try to separate out different elements, the greater the opportunity for error.

FWIW, Tantalum pricing is typically very stable. I've posted before that Ta concentrate can be susceptible to minor drops as new supply comes online, but I still don't consider that section of the Ta market to be volatile.

Cash and equivalents of $140m would be a good result.

Generally speaking I expect an upbeat quarterly as LTR have ramped up very smoothly. Quite probable that recovery rates have lifted out of the 50s. Once in the 60s it becomes a harder slog to chase improvements, but given enough time and suitable feed, I fully expect LTR to produce in the 70s. 78% might be too big an ask. As a holder I'd be satisfied if LTR can consistently recover 70-75% from FY27.

Ohhh, and I do still believe that LTR will move to shore up their balance sheet - most likely via a CR. It's not all doom and gloom because LTR have plenty of room to raise, so I don't for a second consider them headed anywhere near VA or receivership if things went South.

To repeat, very smooth and impressive rampup. That doesn't necessarily shield them from the typcial unexpected capex at this stage of a project, but they have room to raise.