2ic Thanks for the effort in compiling your post. A fair bit to...

2ic

Thanks for the effort in compiling your post. A fair bit to digest in there.

A couple of points to throw out there if I may:

Firstly,I believe that the closing stock figure in your table should be 17,321 tonnes, from the ASX report dated 18 jan 2024.

Secondly, I think your production figures for March to May may be a light. My key take away from the March 12 ASX announcement was that daily production had taken a material uplift from mid Feb. My reasonong for this is as follows
- Jan av production 269 tpd (8362/31),
- Feb av production 389 tpd (11308/29) and
- March av production 529 tpd (5820/11) for the first 11 days.

The figures get interesting when you dig into the Feb numbers. If you do the exercise of stripping out the "record single week production of 5248 tonnes" from the monthly total you end up with a daily production split of ,the record week at 749 tpd (5248/7) with the remaing 22 days producing 6060 tonnes at an average of 275 tpd, which is consistent with the January result. Something materially positive has happened here. I'd guess that this daily production increase is almost totally due to a working tailings solution in operation, but the company has given us only breadcrumbs to follow here. I expect that the company is targetting 18,000 tones per month by the end of June, which is 600 tpd.

Thirdly, on the shipments side it appears that we are now exporting as "Bulk Mineral Sands" with the Geraldtion port site showing an export of 10,167T of Bulk Mineral sands on March 4 another scheduled shipment of 22,000T on March 31.

Lastly with respect to the recapitalisation which will happen under a survival case scenario we can only hope that Tembo Capital and United Super as our major shareholders will only support a reasonsable deal
when it happens.

Again thanks for detailed post.