Ann: Corporate Presentation , page-3

Yep, excellent presentation. Unsurprisingly, slightly lower production for FY12 with commissioning delays (but not by much) but plenty of good news:

- commissioning is complete
- BIG margins, it's difficult to know the depreciation schedule and immediate tax implications, but say NPAT is 50% of EBITDA- that will still translate to margins of 30% (which is pretty good).
- Conservative estimates. The revenue figures are probably based on something like (this gives ~ 69m):
Spherichrome- 500/t
Zircon - 1700/t
Ilmenite - 150/t
Garnet ???

Now all we need is that cashflow statement that proves that this is all true!