Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-13

1. Reporting: this comprehensive quarterly provides the detail and transparency we have been craving for.
2. Bluff: a possible closure of Bluff (cash cost around US$180/t excl. royalties) would release working capital and reduce operating cash burn.
3. Burton: total cash cost of saleable ton less than US$ 90 is low and met coal sales only from July onwards as CHPP was commissioned late May > profitability will increase substantially going forward. This is before we see scaling benefits from Ellensfield South. Shipping in the current quarter is forecast to be over 430kt with a big chunk of this being high margin met coal. In addition to whatever we realize from Bluff.
4. Pricing: coal prices (met and thermal) are holding up nicely, despite strong recessionary headwinds. It doesn't take much to turn BCB into a cash-printing machine. There is a lot of optionality here that the market is not pricing in.
5. Some labor and logistics constraints expected to ease going forward as Burton is reaching steady state.

The ride has been too bumpy for my liking but things are moving into the right direction. All focus is on Burton and Burton has only just started picking up steam. Cash generation will materially improve in the current quarter and the following quarters should certainly show further improvement as Ellensfield South comes on.