Overall I feel this is a positive report. Given they made 2 out of 3 shipments to PLL (at no more than $900/t) and they are still ramping up the plan and still achieved positive cash from operations, this is a great result. Perhaps the only negative is the downgrade to production target to 160,000 from previous target of 226,000
Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-14
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