Onto the more speculative stuff - what does the June quarter...

Onto the more speculative stuff - what does the June quarter look like

The shipment that has occurred and the expected shipment don't provide useful guidance.
-26+35+(35 to 40) = 44 to 49kt. In addition to this there will be some closing ore volumes. At a worst case these are low so production was not much over 50kt for the quarter. This seems to be what the market is thinking and would have closing inventory not much more than the next shipment size.

My guess is that the shipment was commissioned when E25 had the ore on hand in early June so this volume would relate to the first two months or slightly over 20kt/month and this would have closing inventory of circa 20kt excluding this last shipment for around 65-67kt noting that the next shipment is on Ultra Silver with a DWT of 40,213 indicating a probable delivery size of 36 to 38kt. This would have closing inventory into the 50kt's.

Two ore grades possibility
This is a possibility that has higher production figures. E25 may be operating a two ore grades system - normal and high silica. This will cause inventory volumes to be higher because each grade needs to accumulate. E25 has a little more confidence to run inventory volumes low when doing normal shipping because they can at worst back-fill with higher grade but would only do that as a contingency plan in the event of breakdowns.

If the closing stockpile was 15-17High + 9-11Normal, then a further 20-22High managed to be produced in the first half of the quarter. The second half may well have a similar 20-22High silica production. The next shipment is a normal. If normal had an inventory of 10 and ships 37 then 27 needs to be produced until near the end of the quarter. The quarter production of Normal may be 30.

On this alternative two-grade possibility production for the quarter may be as high as 20-22 * 2 + 30 = 70 to 74. If it is into this low 70's range then I think the market may be surprised with a closing inventory around if not above 60kt.

Hopefully we get an update on this before late July's quarterly.