My final predictions for the quarter follow with little change...

My final predictions for the quarter follow with little change from the first effort above that were done a couple of weeks ago.
My summary figures are :
Concentrate produced 101kt
Grade 49.1%
Metal produced 49,600t (their guidance 29,000 to 35,000t)
C1 costs 77c/lb (their guidance 85c to 95c/lb)
Cash at bank 31Mar $38mil
Debtors 31Mar $4.5mil

*Assumes that final shipment has been paid in full - otherwise Cash will be less $17mil and Debtors $17mil more.
*Assumes 2%NSR Private royalty has been paid for 15 month period to 31Dec19 - otherwise Cash will be $5mil more and Ci costs will decrease to 73c/lb.
*Assumes greater production costs of $3mil over their guidance due to increased production resulting in extra charges especially for shipping.

Reconciliation of concentrate stock: Stock at 31Dec of 3kt, this quarter's production of 101kt, less shipments of 104kt this quarter, resulting in 0kt for Stock at 31Mar.

A great quarter operationally but not rewarded with low zinc price. Cashflow schedule shows that Cash at bank will be fairly steady over the next year at the current zinc price with them being able to meet scheduled payments to Varde each quarter. They will have paid off around $US35mil to Varde by this time next year or approx. half the amount owed in early January this year.