Ann: Wintime Cooperation Agreement, page-25

With the rail and port allocation for this financial year, I would say Terracom booked this, and not that they were only given so much space. They have prepaid for it through this financial year (FY25), in last financial year (FY24), and into the first six months of FY26.

Danny advised in the FY24Q4 update that the dragline is planned to shut down in Q3 this financial year. Hopefully, they have readjusted to the market 1.8 million tonnes, factoring in all possible delays. I believe this is the lower estimate for the year, as they don't want to miss the target again.

Also, as it was prepaid in the last financial year, this will be cost savings for this financial year, offsetting some of the lower output.

And to throw more hypotheticals out there, maybe it was paid up until 31/12/2025 as they already had an idea about Moorlands and are hoping that from 01/01/2026, they'll need to book more rail and port capacity. As we've seen/read, Moorlands has been on the cards before 2020.