It would be pretty ballsy to say in late April they are on track...

It would be pretty ballsy to say in late April they are on track for 60ktpa in July, unless they are.

That's 15000 tonnes a qtr. At a conservative $900/tonne, that's $13.5M a quarter. So break even or better by July.

Say $5M sales June Qtr, plus any R&D refund, plus any costs savings, they will most likely have reserves for 2 or more quarters, not the 1 quarter they have to show in the quarterlies because they must use last quarter's actual figures, not more realistic projections.

That's why the SP has firmed in the last couple weeks.

Then when they prove 60ktpa by June, they'll show how they ramp up to 120ktpa and go to the market for the cash to get there.

Seems a pretty positive story to me at this point.