Ann: FY25 Financial Performance Update, page-25

Thanks for the post. Well that's something. While they might be solvent right now it's hard to see how they could continue to be so over a longer period at this rate. I wouldn't be surprised to see margins improve as Mexicali comes online, they work through the feedstock and if they can sort out their transition into more complex itad operations - this last part you can only read between the lines. But it seems like something has gone wrong with the 30 day returns high margin stuff, meaning margins may never get back to 2024 levels. Just my thoughts. Dyor