After just a quick look at this and comparing it to the May 25 Investor Presentation guidance, it looks like KMS will likely not make positive cashflow for the JuneQ/25, mainly due to shipping delays that were out of their control.
Based on the previous Q's product pricing as guided, I estimate the will have sold US$42m of conc. this Q, and with midpoint C1 cost guidance of A$300/t conc. produced that equates to total C1 of A$45m, or US$29.25m (at $A1-$US.65)...So around US$12.75m in operational cashflow, down from US$21 last Q.
After repayment of the Yansteel prepayment, interest, leases and CAPEX, they ended last Q with about A$2m negative cashflow. So with US$8m less revenue they would be highly unlikely to turn that around. KMS reported A$2.833m cash as of 31/3/2025.
Otherwise they were at the top end of guidance for zircon production (35-40Kt v. 40Kt), but under for ilmenite (forecast 160-180Kt v. 150Kt)
Total ore mined of approx. 2.8Mt was as guided, and 1Mt in June25 indicates they are on tracking to meet their target of 4Mt next year.
Total concentrate produced of 190Kt was under midpoint guidance of 207.5Kt, due to the ilmenite missing midpoint guidance by 20Kt. It indicates there is an issue with either grades or process recoveries for ilmenite?
All this is speculation of course until we see the next quarterly so feel free to debate, but I'm happy to be sitting on the sidelines observing at this stage...DYOR & GLTAH!!!
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