Your math appears to be well off. Even if I utilize only your...

Your math appears to be well off. Even if I utilize only your numbers, with your assumptions, and take everything you've presumed to be gospel:



As we all know, Mr. Market changes sentiment, especially in the mining industry, more often than some here change underwear.

By your reckoning, the SP at the end of FY2022, when SC6 was going for in excess of U$7,000 and PLS shipped just over 361,000 dmt, SHOULD have been well in excess of $11 (and that's using 2024 admin costs).



I appreciate that the 2022 profit was not quite A$2B, but then again, your logic is missing several factors, as well, like the fact that we are probably going to ship approximately 200K dmt, this quarter, putting our production rate at closer to 800 ktpa, AND you have imparted no value at all to CAPEX associated with P1000, the Calix JV or our stake in the POSCO JV.

I'd get another napkin and try again. I'm not criticizing the effort, because you're barking up the right tree, but your math appears to be flawed and you've left out some additional value, some of which is quite valuable (the POSCO JV, especially).

Best regards,