From page 7Achieved ”a step change in flotation recoveries from...

From page 7
Achieved ”a step change in flotation recoveries from 20% in October 2022 to around 50% in January 2023…versus design flotation recovery rates of 80-90%”

If all other things are operating to nameplate, it sounds like we are today operating at a bit more than half of the nameplate 90ktpa throughout (so about 50ktpa). With a target improvement through Q2 up to 60ktpa (March for more equipment; April to complete PPIP testing; April+ more ramp-up).

From page 8
Prices are 50% more than long term average.

That would suggest we are at a point where we are today producing at about 50ktpa, but at 50% greater prices than forecast. We would want to factor in positive cash-flow into any cash-on-hand equation.

Again From Page 8
”Further improvements are expected to be achieved through operational experience in running the plant and optimisation, in conjunction with technical partner EBTEC.”

There is nothing in that which gives me great confidence they’ll get to 90ktpa. Operational excellence to go from 60 to 90ktpa doesn’t sound likely.

A mixed quarterly I guess. Let’s hope we start to see some sizable revenue coming in the next quarter.