next boat, page-541

Hey Rod,

Thanks for sharing your numbers for Jan- Mar quarter.
i have 62% EBITDA of between 30% lump here furthest column to right

for $165.00 pet tonne 62% range at $0.77.

After adding in the options i have the final cash balance of
net cash due to loss half year report and the loan lent to Fenix Newhaul


For 65% i have between EBITDA 30%lump here furthest column to right
EBITDA quarter
and cash at bank
cahs
65% $185.00 per tonne and $0.77

In Summary
Between $25 mill and $32mill AUD EBITDA for Quarter Jan - Mar
Cash at bank between $27 mill and $34 mill AUD. current.

i realize just now that the numbers look a little sloppy presentation wise, please let me know if you cannot follow and i will re- present them.

I just wanted to give you the break down and show workings, see how you go.

Have a good evening

Rooks.