Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-17

Agree with mencel. They are still ramping up.

In regards to unit revenue and costs, they mentioned in the previous update (chart) that their all sustaining costs were around AUD 240 per tonne. This was before the crushing was brought in house in December 2023. The expectation was that the costs would come down as a result. I'd say they should have fallen to at least AUD 210 with full benefit next quarter.

Revenue wise even if we conservatively assume USD180 per tonne that's AUD270.

So I'd say the profit margin is at least AUD 50 per tonne at the moment. Confirmed production 240kt per annum.

Based on multiple of 7 it should be valued at least at 12c right now before any stage 1.5 is taken into account.

Imagine what happens to share price if they announce debt funding with implied valuation of 60c (625kt×(AUD270-170)×7÷700mln shares). Every extra AUD50 per tonne then adds further 30c to share price.

I reckon it will be a very fast rerate when it happens.