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3.0¢ morella corporation limited

Ann: Presentation to Pilbara 2018 Conference, page-53

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binwood

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22/08/18

10:55

Post #: 35088134
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Originally posted by El Jefe ↑

They look closer to $400 to me over the long term but The point I was making, maybe I didn’t make it clear is The next 6 months are guided between $700-800 p/t from what I can see, am I reading it wrong? I don’t expect this to Be groundbreaking news to you but to the majority here it is, who were doing calculation based on $3-400t straight off the bat.

These figures seem to be new, the long term estimates are now over 10% higher than the DFS which gave a +-10% tolerance. No reason as to why, How much else is wrong that will be subtly (most likely didn’t notice it) added to future annocuments? I did notice this in the footnotes of they DFS, has anybody else;

“Average annual ore feed based nominal 1.4Mtpa capacity; process and mechanical design of the plant allows for 15% engineering contingency on the nominal throughput of 1.4Mtpa, allowing capacity to be maintained at 1.45Mtpa and to peak at 1.54Mtpa. “

So they have based full LOM production and metrics on utilising peak figures, a 15% engineering capacity in the plant as opposed to the nominal 1.4-1.45 mtpa that you would expect or at least I would expect.

The Pilbara players imo used all the tools in the shed to get great FS figures and that might start to unwind going forward but that’s just my educated opinion based on some metrics.

Another subtle change to timelines August has become Q3, I would have never guessed September!! This company has never met a target to date apart from the capex targets.

Expand

Yep apologies I read the chart wrong. Admitted that down further. Also agree with most of what you have said.

When I did my PLS figures recently I was expecting them to have cash costs for this half of US$500 which would fit to what we have seen at TAW and also what AJM are projecting.

Fair call on September, I really thought they could do better. Live and learn I guess.

AJM Price at posting: 26.0¢ Sentiment: Hold Disclosure: Held
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Ann: Presentation to Pilbara 2018 Conference, page-53

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Ann: Presentation to Pilbara 2018 Conference, page-53

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