I think the penny has just dropped. I now know why this has been...

I think the penny has just dropped. I now know why this has been so reluctant to rally properly

all the research and valuations... veritas, pattos and alto etc were based on an average $45/t+ sales price. but (from Alto) here's why

but look at the last few qtrly

revenue is averaging
Sep qtr $29/t
Dec qtr $17.7/t
Mar qtr $24/t

and the sinter/lump ratio is not 40/60, it's
Sep qtr 68/32
Dec qtr 70/30
Mar qtr 64/36

SFZ is making just enough margin to pay salaries and keep the lights on. well not even, their "strong cashflow... maintained" resulted in $500,000 less in the bank.

the new concentrator is about recovering otherwise unsellable fines right? not lump.

wow! have we been sold a massive pup?

or do I not understand something about the ore body/mine plan, is SFZ somehow going to reverse the sinter/lump ratio to a 40/60 average as the mine progresses?