Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-6

If someone could be bothered you could basically work out what he deal was. I'm perplexed as to why they don't just tell us the assay results and the "processing" fee Glencore would be applying. But anyway my reading is they already received 50% upfront on the 2400T delivered in Jan/Feb. So if we assume 5% Ni ( not sure where this number comes from but anyway) and 3.34% Moisture then Nickel recovered should have been around 116T. If they based their initial 50% advance payment on these parameters then a calculation can be made to work out the discount given o Glencore or their "processing" fee or whatever they call it. Interestingly they are expecting around $130,000 final payment which means the original expected outturn didn't eventuate as this final payment is well below the 50% expected....I haven't checked the average WAP nickel price when this agreement was entered into and then finally for March. One positive is that Glencore seem to be indicating that they can physically process this material at their MM operation...but no further hard data. So assay and economics will finally rule if they continue or not and impossible to ascertain same with info provided. In any case there appears to have been a very large discount given if Ni was 5% or the actual recovery rate was terribly low. We need more data