Ann: Half Year Accounts, page-7

Seriously, I ask lazy questions all the time but minimal work would answer yours.

They have 100% of product already locked in to off take agreements ie anything they mine they can sell (indeed have already sold) provided it meets spec (which so far seems to be comfortably the case). They've indicated around $430 AUD all in costs per tonne (see most recent presentation announcement), they've achieved around $700 USD ($1000 AUD) income per tonne so far and have deals in place where the floor price is way above the cost price. Realistically costs will take a while to hit a nadir and might come in higher (although exceeding nameplate also seems plausible which might give economy of scale). I'll leave you to figure out the profit per tonne and thus ball park per quarter.

Further your rules for EBITDA debt rations are arbitrary and applicable to steady state operations which might be just starting and thus haven't manifest in quarterlies. The capital raise also wasn't to pay down debt but to get to the position of a profitable functional mine. At nameplate provided lithium prices don't tank the mine profit is running around $30,000,000 per quarter with enough accumulated losses to offset for a while yet. The debt is a massive pain in the proverbial but serviceable at those income levels and theoretically could be fully paid back in around two years.

Looking at the graphs from the presentation I think they're struggling to sustain those high peak outputs but the direction of travel is very encouraging. Extending the SPP was a smart way to give a buffer, but so long as the costs haven't ballooned (ignoring the one off plant upgrade costs) and output can be kept near nameplate the business is sound.