I think they reached break even on variable costs basis in early...

I think they reached break even on variable costs basis in early December 2023. See graphs in the presentation by CEO at the time.

The recent December 2023 half-yearly muddied that view a bit because it included all the early low volume production from July-October 2023.

I estimate the variable costs are already around $180 per tonne, if not less. The AISC (which includes corporate overheads) is way higher around $200-210 per tonne. Both will decrease as production will increase almost threefold this year.

We'll get an update through the quarterly and a separate update