Well guys, all I can say after this rather disappointing report...

Well guys, all I can say after this rather disappointing report is that the shorters have got it right and must be laughing all the way to the bank.

Apart from skating over the nameplate production issue the other issue that wasn't chased up by the "analysts" was the export tax. I realise that in accounting terms tax effects are brought in further down the P&L but if we assume it is a "cost" of 8%, that will bring the average price received down to 13,523 and the margin down to 8,883. 

There might be a slight amelioration of the effect of the export tax by shipping primary product to the LiOH plant.

Like others, I see not being able to achieve anywhere near nameplate as being a huge negative for ORE and the market is not going to buy any Stage 2 projections.

P