Pilbara Minerals Ord Shs T.PLS

Q2

[seatleslim]

On more constructive topic, q2 should look different than most previous quarters. 25:% of volume went to PoLB or Hawaii and they report north bay picking up. Cemex was very likely only 60% of volume in the quarter.   This effect will be more pronounced in next two quarters if they're  doing 1m, per.   Their cash gross margin last quarter (seasonally light 561,000 tones) was $1.9 million. For me a great q2, considering light volume would be cash gross margin of $2.5M. Seems possible given volumes sold direct to readymix customers. That would be at least a taste of the potential. Even at $2.5 usd your youd be a $10m run rate for cash margin in a weak volume quarter. They still have g&a load to carry to get to ebitda but as I've said before, Vulcan or whoever ends up buying this is not going to incur much of that g&a. Anyway, were they able to pull that off I think we have a tangible data point that begins to support ( I know it's early) the ebitda model in the ir presentation. The more mature axis of that model supports a multi hundred million dollar valuation - USD. Today we sell for 65m. That's why I make the case that if a board member is too dense or too poor to buy stock here, they need to rotate off  - not qualified.