Although the unit FOB costs will come down in the current quarter, the overall operating costs before royalties and inventory change will increase from $55mil last quarter to $72/73mil or a 30% increase that should allow them to increase fines production by a similar percentage.
I'm assuming the current quarter will be a catch-up quarter for shipping but that won't be maintained going into FY24.
Your quarterly net positive cashflows of $100mil+ seems to me to be overly ambitious - can I ask what shipping rate you're using for FY24 - around 0.9Mwmt/quarter would seem reasonable to me.
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