Like both of your comments. due to limitation of information,...

Like both of your comments. due to limitation of information, hard to work out the stock level and the total production.

I noted to get powder, you will loss at least 50% of raw material due to vaporise. Refer to SM1 report and presentation, their inventory increased by $70m in value and in volume 11,000MT.  We can comfortly assumed the increased 11,000mt. as the Value of $70m/11,000MT is almost equal to USD$5,000/MT market price. 

Assumed there are 16,000 MT of IF in SM1 inventory and 3,000MT of IF in A2M inventory, plus the production of 45,000 MT, if A2M really running very low stock ,... then this year result is crazy.

presume AUS NZ market is not growing, but China market increased by 3 folds, then profit after tax would be $310m.