My initial thoughts, however: 1. We don’t know if the $7.1m...

My initial thoughts, however:

1. We don’t know if the $7.1m initially “estimated” in November 2020 has actually been contracted - what if they now only expect to get $6.0m of this initial contract (I know that’s negative in itself) there is your 55% uplift in WMP prices
2. We don’t know how they estimated the $7.1m in the first place - the announcement didn’t say spot rate (from memory)
3. We don’t know anything about the demand for WMP in NZ. Perhaps overall demand is lower due to higher prices.

This is clearly a good announcement. Even if volumes have dropped of slightly, we have contracted a client for another period of two years meaning:
1. They are happy with the product being produced
2. They are happy with Halo producing it