Hi Posh,I was more interested in the fact that it looks to me...

Hi Posh,
I was more interested in the fact that it looks to me that the profit was entirely made from the hedging gains.
I agree with you that outside of the hedging the company basically broke even?
I think you are being a bit harsh on some of your other analysis and perhaps have an agenda? Costs across the industry have escalated. Fenix is the only bulk commodity producer I am aware of to have had a significant cost reduction over this period.
Firstly, C1 cash costs are NOT an audited number which is quite obvious from a review of the accounts So commentary on C1 cash costs is not included or detailed. We should look to the Quarterly's for that.
Secondly, your analysis of the Fenix-Newhaul P&L savings assumes every other component of C1 costs have stayed the same between periods. Have you considered that there may have been cost escalation in other areas? Inflation over the period is running at 8% and apparently higher in the mining industry. It is entirely possible that FN deal saved more than $10/t but costs escalated by 8% in other areas which would have offset the savings by $6 to $8 per tonne.
Regardless, what do you expect JW to do? Announce a $11m profit and a 10% cost reduction during a period where the iron ore price tanked and inflation was running hard and say: "These results are really crap, Don't be fooled by the fact that we have significantly reduced our biggest cost component and secured ownership of our most important logistics function and made a decent profit, this is actually a poor performance. Please tell Rob's Mum we need him back".
I look forward to you asking some questions in the webinar. To me this is a strong conviction buy. Almost exactly the same thing happened last year (big second half). I am particularly looking forward to commentary and response to my questions on what the likely full year dividend is expected?
I like the numbers (mostly), I like the company, and I have faith in management. I am a happy holder and hoping for big things to come.
I get it - you don't. Have to question your wisdom in holding and investing your time and energy in a company that you believe is heading in the wrong direction? Doesn't seem smart investment strategy. Unless of course you are here for other motivations. Good luck with those!