Thanks all, with Conquistor departing, thats 1870 m tonnes...

Thanks all, with Conquistor departing, thats 1870 m tonnes shipped in 19.5 days equals a rate of 35 m t pa.

Peak actually unloaded today, giving 5 today so far, but only 4 yesterday.

Monte probably departs in an hour or so, but i'll count her tomorrow.

Agree with LionXX , its a $50 + stock.

Below are the new rates and tables, 36.5 m t average over the last 9 days, and 33.6 m t average over June.

This weekend will be very intersting to see if they lose some time to bad weather; first bad weather in June with wind forecast at 30 km per hour for some parts of the next few days til end of Monday

If they can operate over this time safely i will be delighted, but want them to also operate very safely now and not take any operating risks.

TB, they can easily get to 50 m t pa, but think they need more than 5 transhippers to do it; so don't think that rate will be acheived until June 2026. I can see 5 doing 40 m t pa in good weather; but i don't have enough info yet to know whether they can operate at a 50 m t pa pace with just 5 transhippers, but i think that would be stretching it. 40 i think they can easily do with 5 transhippers.

Have a good evening all.

Dekka

	MinRes Onslow estimated EBITDA per tonne Aus $ (mining + mining services)						31.4
	Date since	Total days	Rate shipped per day tonnes	Total transhipper unloads	Total shipped (tonnes million)	Rate per year(million tonnes)	Free cash flowFY 26 Onslow(FOB AUD 58), $ m
	05-May-25	47	76170	179	3.58	27.8	$873
	11-May-25	41	79024	162	3.24	28.9	$906
	20-May-25	32	80625	129	2.58	29.4	$924
	01-Jun-25	20	92000	92	1.84	33.6	$1,054
	Current	9	100000	45	0.9	36.5	$1,146
	Free cash flow (FCF) estimates (entire business)
		Fy 26	Fy 27	Fy 28	Mkt cap $ m
	FCF $ m	1136	1382	862	4022
	Price/FCF	3.5	2.9	4.7	FCF % of mkt cap (Fy 26 to 28)
					84%
	Unloads by Transhipper since 5 May 2025						Iron Ore price US$
	Airlie	Coolibah	Montebello	Rosily	Peak		$93.60
	43	42	42	45	6.5