1MC 0.00% 0.4¢ morella corporation limited

Nice write up. * From the AGM, Brown stated that AJM will be 60%...

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    Nice write up.

    * From the AGM, Brown stated that AJM will be 60% coarse, 40% fines. He mentioned that moisture levels are 2% for coarse and 10% for fines and about 6% for the mix. However, since coarse has ramped up better than fines (fine circuit was the production bottleneck for a long time), your use of 5% is likely a good value. Also, theoretically at nameplate, 0.6X2 + 0.4X10 = 5.2%.

    * AJM has 12.4kt of stock at the end of Q2 19 (stated in previous announcement).
    Q3 had 45.5kt wmt X 0.95 = 43.2kt dmt - 37kt shipped = 6.2kt to stockpile
    So maybe 18.5kt stockpile end of quarter.

    * In terms of offtakes, its a curious situation. They are likely near 200kt/y of 220kt/y nameplate (90%) and have 220kt/y spread over 4 offtakes. Yet they are still looking around for additional offtakes. In spite of the existing offtake assurances, it seems to me that AJM are being extra careful here (in light of what happened to A40 and others in terms of their offtakes) and perhaps also to offload some stockpile that might of built up due to the JRO issue.
 
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