Ann: Release of Audited Financial Statements, page-34

Hi there -- may thanks for this, much appreciated to center the discussion on assumptions/numbers.

Footnote from Sep's sales update puts Dec quarter revenues @ $230/t, with a cash margin of $140/t >> i.e. implied $90/t cost
That is explained in footnote #3:

"3 Blair Athol operating costs increase as a result of the increased revenue linked costs (predominantly royalties) and
increase in other commodity price driven input costs (predominantly diesel)

Worth adding some increase in cost in your model I reckon, or even better if you know the formula for royalties...
Not that changes the thesis but might as well put it in