Interesting commentary in the SYR announcement regarding...

Interesting commentary in the SYR announcement regarding pricing. Personally, I think SYR are being optimistic on the "base case" that they have put out, but I hope it gets achieved, especially the upper end of their projections ($1,600 per tonne basket price).

We should remember that whatever SYR ultimately get, KNL will have a premium on their basket. I'm also keen to see this future "quarterly pricing" in place, as a way to benchmark. Both SYR and MNS now have quarterly market pricing mechanisms put into their Chinese deals (I'm not saying that's a good or bad thing, by the way, just commenting that they both have it). Bear in mind that our current scoping studies, and I expect our BFS, are using $1,258 per tonne as basket price. We are being ultra conservative, given that only MNS have any better published flake distribution to ours, and we are well in front of SYR in that regard.