Ann: Pilbara Declares Commercial Production, page-20

I think this announcement was fairly mixed with good and not so good.

The good was they have reached Commercial Production which is a fantastic achievement.

The negatives for me was no mention of the Tantalum sales, a further drop in the Spod price from $742 to approx $685 and the lower than planned recovery.

I think the March quarterly report will be weaker than some people were expecting as only 38,562 was shipped in the the quarter (with 3 days to go) so I think the cash flow will be a bit disappointing due to lower than expected sales revenue and higher than expected costs.

Stage 3 is very compelling to the company as without that I do not think the numbers will not support a SP above $1.00

The stock still looks good but they still need to improve the recovery rate and show that they are reducing costs.

Personally I am now airing on the cautious side until I see the costs reducing and I find out how much they are getting from the Tantalum sales.
I think people who are claiming that the share price should be at least $1.50+ are only looking at the positives and not taking into account the outstanding risks that are still there.