Ann: Operating Licence Granted, page-14

g’day Troisi
yes, technically there is product there that could be shipped, but the Ann, says they won’t do first shipment until q3 = July. No big deal. Takes time to mine and build up enough for a decent shipment amount. Although with the size of the trucks, I’m surprised they don’t start moving some of it a bit sooner. Again, I’m happy to back management. They’ve been great.
also no surprise in not much move on SP. we’ve been hereabouts for a while. Same thing happened at FEX. They didn’t see their run until I think the second q of shipments was Ann’d, a bit more than 6 months after start up.
they might want to have a their first q at full rate, rather than just 1 month that is in ramp up phase. The all in costs are something the market wants to see too in the quarterly after Q1 = October.
I don’t think we’ll have that long to wait (December/jJanuary). Once we reach steady state production and costs are in line, I’d expect an update on what’s next, as in the beneficiation plant, higher output, etc. And just maybe a mention of the monster 5bt around us. Also advice on div. policy be good, as in % of profit they’ll pay out and when they expect divs to start. I think earliest might be q3 (Feb/Mar 2022).

also interesting that no word on sales at mine gate to BSM’s. It is 200-300km further or ship. But we’d get some of the margin we’re giving to Tarfigura for sales and marketing. But happy for a net price of the 62% IO, still over $200.

maybe Pihrana has a view on where to form here.


cheers,

ned. Happy holder.