Pellet Price, page-316

I would have thought 2.7mt was possible with the current Q1 being the low qtr due to annual maintenance shutdown.
But let's say your pre-tax profit figure comes true and pellet prices remain as of today(don't see it myself), then we'll assume any deferred stripping is in your $78 COS figure but then they might invest $20mil on a new fleet of trucks, $10mil on underground pre-feasibility for North Pit, $5mil on feasibility studies on Central and Plains pits and $40mil(?) on property development and maybe pay income tax at the rate of 5% on $180mil, say $10mil - so free cash flow around $95mil of which we get 25% in dividends which equals 2c/share - acceptable to me.
It is all in the pellet price IMO - a $A20 fall wipes out half of the last mentioned figure.