The very last quarterly activities report, for FY 23 Q1,...

The very last quarterly activities report, for FY 23 Q1, estimated sales volumes of 327k pearls in H1 FY23. The FY outturn of 583k pearls sold indicates sales of ca 256k in H2. Total costs (exc finance costs) in H1 were thus relatively high at A$9.7mn (FY23 was A$17.6mn). Revenues were A$12.4mn in H1, resulting in pre-tax cash flow of ca A$2.7mn. This H1, auction sale proceeds were A$22.2mn from the sale of 205k pearls. Assuming H1 sales volumes in total are 290k, and increasing proceeds proportionately, that yields total revenues of ca A$31mn. Assuming total cash costs are unchanged on last year, that yields operating pre-tax cash flow of ca A$21mn (exc interest income). Obviously there is uncertainty on non-auction sales volumes and prices, but this might be a ballpark estimate.