You should write to AKE and ask what percentage of their Mt...

You should write to AKE and ask what percentage of their Mt Cattlin production is under long contract pricing and what is sold on the spot market.

From memory, about this time last year, former owner of Mt Cattlin, GXY informed the market that a percentage of their offtake contracts were void, due to offtake customers not honouring contract agreements in the down cycle, thus available for spot sales.

Therefore, this would suggest ~55% of the sales from Mt Cattlin this quarter is spot sales. Mt Cattlin's average spod grade was ~5.7% in the March quarter, and assuming the same for the June quarter, spot sales would fetch ~$5,850 grade (relative to PLS $5,650 for 5.5% grade). They expect to ship 50kt this quarter, 27.5kt at spot price of $5,850 and 22.5kt at $3,900 contract prices equates to an average of just under $5,000pt. That checks out IMO, relative to PLS announced mid point of $4,500 for contract pricing for 6% grade for June quarter, give or take $25pt.