Ann: September Quarterly Activities and Cashflow Report, page-10

Thanks for that. Okay, you're right. On the 4C they disclose the footnote "All commissioning and production ramp-up costs incurred at Balama, net of any revenue derived from the sale of graphite, prior to the declaration of commercial production are capitalised against project development costs." This net number is an outflow of US$15.2m.

I'm not entirely sure this is a compliant 4C with this qualification. In any case, it would appear that Management are doing everything they can to obfuscate the average revenue per tonnes. They give a range of sales between US$375-USD$1700, which, frankly, is quite unhelpful. Revenues are accordingly somewhere between US$21m-$94m... that's a pretty big range.