Q4 Results / Input CostsNot much detailed discussion here on Q4 results. I think the big take away for me is that without the 20 million in nickel pre sales and the large Cuban payment, the cash balance would have decreases substantially. This shows the company is not out of the woods yet when it comes to liquidity.
The 20 million will swing the other way in Q1.
For Q1, they are also facing some dramatic increases in their input costs (per my model- annually):
- Sulfur prices are up $100 a ton YOY - increase cash cost by $30m
- Gas prices currently up 3$ a GJ YOY- increase cash cost by $20m.
- Power prices up 100mwh MOM - increase cash cost by $10m (this is a very rough estimate as they do not disclose this sensitivity)
- WTI up 50% in the last several months - increase cash cost of $10m
Rising tides are lifting all commodity ships.