Ann: Quarterly Activities Report, page-126

wb, just digging into MLX, and hoping you can help me with a few questions.

1. In the dec'22 quarterly MLX reported a "imputed price" of $28,307, but in the mar'23 quarterly, that quarter's price was changed to $32,149. You've used the latter number. What happened? I don't see any notes of a correction.
2. What does "net of TC/RC" mean?
3. Why do they use this "imputed price"? Why not use actual received price during the quarter? I know there is a timing delay between production and revenue, but do they really receive an average of the LME spot bid price?
4. What are the "selling costs" incurred by MLX rather than the JV?
5. In the sep'23 quarter, MLX's share of JV EBITDA and CF was $24.5M and $14.8M, but realized CF was zero. This looks due to inventory and AR (ie WC) changes and these mysterious "selling costs". Is that right? Why would WC increase so much QoQ when volume and revenue were pretty static?

Thanks.