Ann: Inaugural shipment of spodumene concentrate sails, page-50

For me, it's an excellent start in production and sales, giving an inaugural gross revenue of USD8.02M or AUD11.6M.

For a big picture context in terms of LTR's achievements to-date, I referred back to the 2021 DFS:

NPV Sensitivity Analysis on P.4:
The LOM average SC6 price ranges from USD800 to USD2,000, meaning an NPV of AUD1.6B to AUD7.4B, respectively. So the spot selling price meets the lower limit to produce a positive NPV, ergo it is still profitable.

The LOM average AUD:USD exchange rate is 0.73. Actual rate is within the range of 0.64 to 0.80. In fact, it is about 0.69-0.70, indicating that there is some forex gain arising of about 1.3%.

P.3:
"Highly competitive cash operating costs (first 10 years) of ~US$319/dmt of SC6.0 (includingtantalum credits and excluding royalties). AISC over the same period is US$452/dmt SC6.0(including tantalum credits and royalties)." Revenue generated in shipping to Sinomine and from spot sales produce a significant margin in terms of cash operating costs and AISC.

But this point raises a couple of question: tantalum production and sales. Are these separate to the current shipping arrangements? An indication was made on P.2;
"Extensive metallurgical test work program confirms the ability to produce low impurity 6-6.5%Li2O concentrate, while also producing a ~12% Ta2O5 concentrate prior to offsite upgrade to30% Ta2O5."

Two other variables that can produce sgnificant variances to the DFS' numbers are feed grade and recoveries.
Looking forward to these additional info in the next quarterly report.