From a cashflow perspective you should be concerned with...

From a cashflow perspective you should be concerned with shipments.

Cashflow is always a concern but we know 113,000tpa goes to PLL in any given year and the terms, the balance is sold on the spot market by the JV , although the shipping mix may vary quarter to quarter, on average 28,250t will goe to the PLL OTA every quarter and the balance to the JV.

My concern is the price of spodumene and production costs not how shipments fall in any given month or quarter, we ship every tonne we produce on average.

The bottom line is untill our costs are below the price recieved for our concentrate we will be losing money on all shipments. We know they are addressing costs and the only possible say they have on prices is an OTA with a floor price , we also know they are looking for an OTA for the unallocated portion.

As we know from Altura a floor price wasn't honoured and JB knows that better than anyone.

As a rough guide it appears the price recieved for our unalocated concentrate is around $200 below the SMM spot price and the QP skews timing and the final amount of those payments.

The real cure is simple, higher prices for our concentrate, lower costs then become a bonus not a necessity.

Cheers Whisky