Ann: Quarterly Activities - Sept 2018 with appendix 5B, page-8

There is always a problem calculating $s/ton from sales for Qtr from  payments for that Qtr because there is always a lag between the sale date/shipping date and receipt of payment. To overcome this I have taken the whole year*;:

(a) take revenue for the Sept Qtr + projected revenue for the Dec Qtr (remember that the last shipment for the Dec Qtr will be at least 4 weeks before 31St Dec and likely no rollover in receipt of payments to Mar Qtr) ..........$23.876 mil + $25.293 = $49.169 mil total revenue for 2018

(b) divide $49.169 mil by the average of 400K ton & 430K ton (TIG's sales forecast) & you get an average tonnage of 415K ton.

 or an average of $118.5 /ton AUD.

(c) that early sales were mostly low valued oxidised coal while later mining is mostly fresh coal( higher valued SSCC)

There are two options if you want certainty:

(1) phone the CFO and he probably won't tell you because the info has not been released to the market

(b) wait until next April when the six monthly to Dec 31st is available.

Sorry, I don't have any more time available for further explanation.

* There was a few $100Ks in payments from the Mar & June Qtrs but I have omitted those.