True … but the below is also relevant: AKE shipped a total of...

True … but the below is also relevant:

• AKE shipped a total of only 21kT of SC5.4 spod in the quarter (about 4 BMX auctions-worth for PLS - but PLS tends to ship SC5.5 via auctions);
• AKE cost of production for SC5.5 was $796 per tonne (PLS was $434/T);
• AKE sold 59kT of low grade product for $35M or about $593/T those come from having to work with a poor section of the ore body at present until move to main ore body later this year - we don’t know the SC of that material nor the cost to produce (PLS “middling” sales SC1.2 were of 45kT at about $495/T resulting from ramping up of the second plant with a cost to produce of $115/T);
• I believe that AKE sales are all or mostly spot sales so likely the small volume they shipped and the realised price on an SC5.4 basis ($5,028) could better be compared to PLS BMX results of the quarter … which for SC5.5 basis were $6,188 (July), $6,350 (August) and $6,988 (September). With only circa 150kT annual production rate (vs 580kT PLS) it’s more likely (IMO) that AKE will continue to sell a greater amount of its spod in the spot market than offtakes - but happy to hear better otherwise from those who better know that operation.

So in terms of comparison of PLS contract sales price vs that announced by AKE, I continue to like what I see with PLS.