I agree the Ann is a bit cryptic, but there is some great...

I agree the Ann is a bit cryptic, but there is some great detail.

First train has been loaded.

My thoughts on the blending are:

Current price for the blended coal will be between $167 and $190 (spot price), investor presentation worked on a price $137. So depending on quality the price there is between $30 and $53 increase in assumed revenue.

The original blend was 65/45, now 50/50. So a decrease of 5% at say a 20% increase in price for the NPA coal roughly equates to an increase of $8 - 10 per tonne of the finished blend

So worst case profit is $167 - $98 = $69 Best case = $92

There is a $20 to $43 increase per tonne higher than the original estimate and if price decreases the original estimate is still feasible.

Production will increase and they have indicated the 3 weeks will be recovered. So they should be able to improve these numbers over time.

This is positive.

Not financial advice and DYOR!