Another ship lining up tomorrow, page-59

We really don’t know the full operating costs only the C1 costs, the FY report will give a much better picture of creditors,debtors,cash balances,royalties payable etc.... a truer picture, then there will be mined stockpiles, finished product, stockpiles at port awaiting sale that need to looked at as costs have already been expended but ore not sold.... there’s a lot to take into account to obtain a more accurate picture than just using the daily 62% IO price marker.

On the upside Gwr have a very low stripping ratio, have stockpiled a lot of ore and the mining and costs should be settling into a nice rythym after ramp up. At 16.5c that’s less than $50m market cap, offset by cash, equities and a large higrade resource. It’s very cheap imo.

I agree with LizzyBee that their still shipping profitably.