The IO price would not need to triple for the profitability to...

The IO price would not need to triple for the profitability to triple.

$58m was made for the quarter and 4Mt of IO sold, this implies that $14.50 per tonne was made with a realised ore price of $66/t

Considering the profit share agreement takes 25% of margin then an increase from each dollar increase in IO price, based on 14Mt annual production adds around $10.5m to the profit.

Based of these rough calculations the profit would be tripled with $43.5 in per ton profits at an IO price around $105/t.

$105 may be a bit lofty near term however realising a price around $85 which would double current profit delivering over 400m annual revenue is entirely possible, perhaps heading towards probable.