Ann: SECURES SALES AGREEMENT FOR 100,000 TONNES HMC, page-16

Yes this is a possibility but the fact remains we are still well short on sales guidance and need the extra offtake . The recent announcement initially made it seem that an additional 100k of inventory had been sold , but in reality all that occurred was they had locked in 100k of sales over 3-5 months. Even the fact that sales can occur over 5 months means sales of only 20k per quarter. Thus I think the initial excitement was premature and the jump from 15.5 to 18 will only be sustained by confirmation of an additional offtake. This is why I think the insto has taken opportunity to exit
don’t get me wrong , I still think it’s a solid buy but I think many mistook the announcement as I initially did , and that is that another 100k of sales had been locked in