To be clear, I'm talking quarterly (Jan - Mar), not half year....

To be clear, I'm talking quarterly (Jan - Mar), not half year. I'm still wondering what the bad news is from Dec that the market isn't aware of.

But i'm not sure i am being optimistic. Look at the numbers and tell me where i'm wrong:

Average price received according to ORE for the Dec quarter was $9007
Average price received according to @Audax77 spreadsheet for Dec quarter was $8951
This meant a gross margin of $5477 on ORE figures and shows the spreadsheet was a pretty good guide.

Average price received according to @Audax77 spreadsheet for Jan month was $9718
Average price received according to @Audax77 spreadsheet for Feb month to date is $10,729
Company guidance from Dec Quarter states contract prices are moving higher
As such, I expect gross cash margins to be >$6k and potentially $6500.

My assumptions:
- cost per tonnes doesn't materially increase
- tonnes produced don't materially decrease

As you say, it has been a tough company to hold for 5 years... we'll see what tomorrow holds. And we'll see if i'm right in April.