Sorry if i am being slow but really interested to understand
The Q1 RNS is quoting revenue and cost per oz - so averages, which should take into account whether you are looking at Q1/H1/Full year
They quote ......the average PGM revenue per ounce increased to US$1,031 (Q4 FY2023: US$976). Cost remained tightly under control with the average PGM cash cost per ounce, excluding chrome credits of US$875 (Q4 FY2023: US$855).
But in your model you have averages of 2050 - basket price per oz and cost of 1850
I am struggling to cross check your PGM revenue and cost assumption vs the Q1 disclosure earlier in the week. Your numbers seem way higher on both than the company?
Hi Neil, my numbers are segmented in half years (H1 and H2), and the recent result was for the first quarter (Q1) so I suspect that's the reason for the difference. In the article I use the following logic for Q2. PGM's are double of Q1 plus 5% in Q2. Chrome, double with a Q2 uplift of 1%. Copper is 934T Q1 and just 100T in Q2. Hope that helps explain.
Hi thanks for the reply
Sorry if i am being slow but really interested to understand
The Q1 RNS is quoting revenue and cost per oz - so averages, which should take into account whether you are looking at Q1/H1/Full year
They quote ......the average PGM revenue per ounce increased to US$1,031 (Q4 FY2023: US$976). Cost remained tightly under control with the average PGM cash cost per ounce, excluding chrome credits of US$875 (Q4 FY2023: US$855).
But in your model you have averages of 2050 - basket price per oz and cost of 1850
Clear on volumes and why. Cheers
Oakbloke
Interesting analysis
I am struggling to cross check your PGM revenue and cost assumption vs the Q1 disclosure earlier in the week. Your numbers seem way higher on both than the company?
Hi Neil, my numbers are segmented in half years (H1 and H2), and the recent result was for the first quarter (Q1) so I suspect that's the reason for the difference. In the article I use the following logic for Q2. PGM's are double of Q1 plus 5% in Q2. Chrome, double with a Q2 uplift of 1%. Copper is 934T Q1 and just 100T in Q2. Hope that helps explain.