Ann: Half Yearly Report and Accounts , page-8

I see on the last bullet-point of page 16 (around addressing going-concern) that an average IO sales price of USD105 (@ 0.9 AUD/USD) is forecast for the next 12 months.

In the bullet point above, this is what seems to be used to calculate their estimate of $131m in cash-receipts for IO sales against $98m needed for operational and capital costs to sustain and expand production over the next 12 months. Presumably most of the expansion costs relate to stage 4.

So this gives some indication of our sensitivity to IO price and the margins we have to play with if prices drop further.