Happ I have read the announcements and I have read the posts in...

Happ I have read the announcements and I have read the posts in this thread. For what it is worth, I have held for a couple of years.

Additional revenue: Sales receipts in Q1 will be (at least) a ship less than Q2 because of the timing of departure for the October 4th vessel. Why should production costs increase by $6M when the cost base is largely fixed and the variable component has barely changed? If they ship another vessel before the end of the year then you have another $6M in revenue on top of the roughly $18M already guaranteed for the quarter.

Payables: that Aurizon cost is in the production cost (of 11.5M last quarter). The 450k is recognised and invoiced each month because it guarantees a service of trucking/railing/loading a minimum amount of material - it doesn't sit in financing cash flows.