I mention often the NdPrO is not moving all that much. The Last 3 weeks have been exciting with solid Up side movement. The current price just reached the highs of Jan 2024. Some caution is called for. At last year expense level It will take a price of about US$ 100 to have a A$300M profit in 2026. Unfortunately the Q3 report says all expenses for KAL will now be included as expense and not CAP X. By US law (I do not know AU) That means Depreciation of the over A$800M in CAP X will also be included for the entire FY 2026. This will raise the Price needed for $300M of earnings by at least US$ 20~ 30.00 Great progress but still a long way to go. For reference 2022 profits were A$541M 2023 Were $310M 2024 $72 M. JMO 2025 will be < $26M.
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