Ann: Maiden Shipment of Thunderbird Product, page-5

Congrats on moving TB forward without any reportable delays/problems, but pardon me for being typically suspicious this reads more like a signalling stunt than materially positive update...

300t of non-mag represents ~ 1 day of Q1'24 production, which given first production ore production was announced in Oct (HMC only to be fair) and touted over multiple presentations since, pardon me again for being underwhelmed by jumping through hoops to backload 300t out of Port hedland on CIF payment terms for an early 'Maiden Shipment' announcement...


Given the MacQuarie presso end Nov showed different post CUP product stockpiles in drone picture, and ramp up was going ahead of schedule, I wonder why 300t of non-mag is worth either the logistics effort or fanfair if 27,000t non-mag is still going to be shipped out of Broome in Q1'24 as guided? Maybe SFX will receive US$E700/t CIF (~ $750/t FOB?) for that 300t, or ~A$300,000 by end of Jan... less the expense and effort of organising this Port Hedland special.

Well done for thinking outside the box and getting sales happening, but if Broome is close to being ready for bulk shipment Q1 (which we are now in) as guided, then I wonder why bother? I also wonder why they couldn't release the Q4'23CY production results which they surely would have in hand 8 days past end of Dec? Many other projects release monthly figures during the critical tramp up stage, monthly stats are comleted with ~ 1 week end of month, so why now wait for the quarterly to tell the market, just tell us today...

"Preparations are underway for additional bagged shipments and the commencement of bulk shipping from Broome during the quarter.

Ramp up is proceeding very well with initial quarterly production statistics for the December 2023 quarter due for release before the end of January 2024."

No red flags, just seems at odds with the ramp-up and Q1 delivery plan going very well is all...

GLTAH