Again - its the operational efficiency which will determine how good the company is not spot prices.
For sure spot prices will only determine how fat or slim underlying profits are going to be. But at depressed prices you want to see how effificient the business is to take advantage of any spot price up cycle.
For example its cash invoices to operating costs is 2:1.. one would hope to see an improvement in the ratio.
For example by June 2019 QTR you would want to see something along the lines of
60 million production costs and 135 million revenue or better.
The company is not only determined by spot prices and inflows but also controlling costs is my point.
Over analysing one aspect of the business and ignoring the other will likely keep you second guessing yourself
Q1 and Q2, page-4
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