Ann: Quarterly Report December 2014, page-11

Surprised no one has commented on the revenue numbers - $924k received in the quarter. This must include the USD500k from the China "DSO" "trial" - so somewhere between (AUD) $575k and $625k must have come from this. That must leave between $300k-350k of revenue from the Glencore offtake.

Seeing as the shipment was 22kt @ 1.36%Cu, 0.49ppm Au, at spot prices that's about $2.7m of contained metal. If that extra $300-350k was from the Glencore deal, then at least one of the following must be true:

1. recoveries were AWFUL
2. Glencore bent CDU over a barrel