RE:Caribou ProductionTrevali fixed the price of 115 Mlbs of Caribou production @ 1.25/lb. Revenue from Caribou for Q3 2021 was $18.538 million. The zinc payable sales during the quarter were 12.2 Mlbs. If you back calculate, you will find that, despite selling only 12.2 Mlbs of Caribou zinc during the quarter, Trevali had to make price adjustment on 16.12 Mlbs while calculating the revenue.
When the fixed price deal was made, Trevali had anticipated that the fixed price will be for approx 80% of Caribou production. Actual production has been much lower than anticipated. Therefore, the net realization per lb of zinc sold from Caribou was only 1.214/lb for Q3 2021 instead of 1.25/lb.