Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-16

Yes - the key is not only IMA but all mineral sands companies are saying the same thing, namely that demand is robust , inventories are low , pricing pressure to remain for 2-3 years
I agree that as these levels of cash generation even two sales quarters of say 75k at a 480 margin will deliver aother 72 m cash in excess of 58m already in the bank

Even if the price moderates, it needs to drop 600 USD to reach level IMA is currently selling at where they are swimming in money, but its also possible the price moves another 100-200 higher which would see HMC prices approaching 950-1000

the fact that another 1 -2 quarters of reserves may be commercially extracted from Boonanaring is also not to be sneezed at given current EV , 150m odd, monetisiing another say 30-40 m cash over 2 quarters would more than fund Atlas move