Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-48

On the 22nd of March they announced they had shipped 23,053t and that they would fall only “marginally short” of their guidance of 26,000t for the quarter.

We find out more than a month later that they in fact sold not one single tonne more meaning they missed guidance by 11.33%. That amount is not “marginal” in my books and I consider their March 22 update misleading.

If you are going to give a production update and guidance 8 days before a quarter ends, you can give an update 8 days after the quarter ends saying how much you sold instead of waiting another 3 weeks to inform the market you misled them.

It has certainly created a new lens through which I will view the company. I’m sure they’ll continue to spruik any good news whilst deliberating holding negative news from the market. And no news will equal bad news in my book so watch out for a lack of updates about how things are going.