Ann: GRR - Quarterly Report for 3 months ended 30 September 2017, page-23

An eye catching qrtly, but some numbers getting published might need a weeee bit of auditing.

1. EBIT @A$35m ... hmmm
sales A$133/t * 380 kT => A$50.54m
cost of sale A$85/t * 380kT =>A$32.30m
royalties @ 4% revenue =>A$2.527
admin ~ A$1m => A$1.0m
EBITDA => A$14.713
deprec / amort ~ A$2.0m
EBIT closer to (at best) A$12m than $24m

2. If sales were A$50.54m, and debts have increased by $34m then a lost of value was realised late in teh quarter or very generous sale terms.

3. Impressive weight recovery @ 53.2% ... I don't think I have ever seen anything like that before. I wonder how sustainable this is?

4. The STDSF is still not operational.

5. I recall December 16 cash and receivables closer to A$190m. Share price then was not much more than it currently is.

All good, have a great day.