Who cares what the company expects? None, repeat none, of their "expectations" have been met for ten years! Why do you think they will suddenly start meeting them now?
""No indication from the quarterly cash flow that they are getting anywhere near breakeven costs at 700tpm" is silly."
Why? Production costs for Q1 were $41m. If they average 750tpm for the June quarter, which is supposed to be break-even, then they will have sales of 2250t x $22000, or $49.5m. Assuming that is all cash on invoicing as it is at the moment, then production costs must be less than 20% more than Q3 - but production must increase by 107%. Good luck with your analysis on that one!
As for the inventory, that increased by over 300t in the Dec qtr, and another 330t in Mar qtr. I don't know what they are going to do with it, or what the elements are, but it's not a sale until it's invoiced: and if it isn't invoiced until April 1st, then slimy accounting words still don't make it a "should have been a March sale" sale.
quarterly cashflow report, page-26
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