Margin is reasonable. About $110/tonne. Current Mn price is...

Margin is reasonable. About $110/tonne.

Current Mn price is about $5.70/DMTU. varies abit depending on the grade/fine/lumpy/origin/etc.

So we sell a tonne for $570*55% Mn = $313.50 and it costs about $200/tonne.

This announcement is great. Finally stockpileing ore. Crusher on schedule for July. Nothing but positives really.

The main thing holding back the sp now is they dont actually need us anymore. They are funded by noble. Sp is not a concern anymore. They can ignore us.

Most of the revenue will go towards debt reduction. ie $7mil between Noble,Celtic/OKAP. Once that is paid off we can concentrate on drilling to find more ore which is needed to meet the contract. That is where we drawdown a further $5.5mil from Tranche 2 of Noble deal. And we repeat the cycle of paying down debt.

Between paying down debt, salaries, and drilling. Their isn't much left. Especially when rainy season cuts into the production for a few months. But the 3-5year outlook looks very promising if the ore is still there.