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@miningnut.  Great job.  The only adjustments I would make...

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    @miningnut.  Great job.  The only adjustments I would make is:

    (a) I think your mining & production costs are a little high by maybe A$8/t pellet production in which case additional cash in A$5m -> A$6m;

    (b) maybe your royalty provisions is a weeeeee bit light.  Loose change though;

    (c) admin costs are creeping but I suspect they'll be coser to A$1.5m than $2.5m


    Net effect maybe another A$6m - A$7m in the bank.


    The inventory build in pellets is a good and bad story ... bad in as much cash is tied up (say A$20m) and nil value attributed by the market; good in as much one less excuse for a slow January 2019.


    again @miningnut, great analysis.  thanks


    have a great christmas!

 
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