Ann: Increased Production and Shipments at Thunderbird, page-4

Big improvement for month of June, on an annualised basis 55kt Ilm con is actually running 4% above the FY25 DFS average on Ilm as % of ore mined (due to higher than estimated recoveries despite only 75% u/size to WCP from DMU). Zircon running ~11% behind DSF assumption for FY25 avg, on account of lower u/size to WCP but not so much higher than DFS estimated recoveries at this stage of ramp...

The figure to watch is what mining rate per Qtr the DMU tops out at on a steadystate basis, running at ~10Mtpa annualised on Jun Month, DFS has mining rates topping out at 11.5Mtpa, so if they can lift mining sustainably by another 15% they will hit DFS mine rates. If they can improve OS rejection process such that u/size to the DMU can reach nameplate, then it's quite possible that steadystate mining rate will top out at >11.5Mtpa and that 'NET 85% of DFS" final product yield can creep up towards the 90's or even 100%...

One assume costs are still high, first thiing first though. Sort out the OS issues to reach DFS like production rate and stay alive, then work on mine efficiency and op costs through continuous improvement. Good update imo... GLTAH