Ann: Successful completion of Institutional Offer, page-25

great question...

my understanding is they are traders in an international market so there would be a range as opposed to a single figure from a single jurisdiction. Also JRV. are buyers and sellers so they would have static contracts and dynamic contracts and reasons for a weighting between the two.

I sense a better question may be given how volatile the cyclical minerals markets are how do young companies survive these wild fluctuations (other than cap raising every few months) and have people got examples of how inventory managers have timed their trading to perfection and (in my dreams) someone could provide evidence that JRV crew are showing signs that they are exercising a structured trading approach that will be successful and what that outcome timeline realistically looks like...