Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-7

Key takeaways for me:

1. Management is aiming for at least $100 per tonne profit long-term (US180 Sales - AUD170 Cost). This equates to about 60mln profit per year and 60c per share valuation at a multiple of 7 (subject to no raising)

2. Management is proactive in finding ways to make operations more efficient outside of the scale efficiency.

3. Management is looking to maximise sales price.

4. It appears that there is enough working capital in current export finance facility (about 5mln). Potentially this will be replaced with another debt facility linked to the main debt facility. The main debt facility aimed for is about 9 mln. Not all of it is needed upfront. My guess is that if they don't get the debt then they'll raise about 5mln from the market, keep the export finance facility and finance the rest from cashflow.

Exceptional management who listen and communicate as per market concerns.