Thanks mate... I was including the $8.8m received in April. Each to their own I guess.
As for the stockpile I did just make a number up, you're right. I said $25m+, meaning at least $25m worth of ore on stockpile....
I assumed a conservative (or very conservative depending on who you ask) A$50/t value to that ore. We simply don't know the cost of transport from the mine to the boat (FOB) or the price 'at the mine gate'...
As you say they need US$90/t to make some decent money, I think that's a fair estimate.
Average price for iron ore for the quarter just gone looks like it was around US$100-105/t which is about A$150/t. That leaves them with A$100 worth of costs to get it from the stockpile onto a boat before my valuation of the stockpile goes down.
For each dollar below that A$100 that TI1 incur in costs is another $495,000 added in value to the stockpile (As the stockpile was 495,000t during March quarter). If the real costs are A$90 then the stockpile is now worth A$30m... A$80 - $35m... etc
Hopefully that puts some light on my made up numbers. While they are made up, yes, I did put SOME thought into it.
Here's hoping for a couple quarters at US$130!
(20min delay)