Share price discussion, page-307

Just a rough back of the envelope calculation.

Sometimes it’s all we have to go off.

Was looking off the production chart, only counting what was actually produced for last 3 month period.

11,000 + 11,000 + 16000, rough numbers

37000 tonnes produced.

From last quarterly cashflow statement, projected outflow $20,000,000 AUD.

= 20,000,000/37000
=526 AUD per ton
=x .71 (USD/AUD)
= $373 USD / ton. Think I used a slightly different production run numbers to get $378.

I think this figure is reasonable looking at the DFS and last quarterly’s cost per ton. I expect to see a decrease per quarter in cost per tonne as we approach nameplate, in a smoothish curve, not a sudden drop to $270ish USD per ton in costs...