Adam Davidson, CEO of Trident Royalties, discusses offtake milestones and catalysts to boost FY24. Watch the video here.
Harvest target for 2023 was to sell 200kt and based on previous buying pattern 20% H1 & 80% H2, then the site storage would need to be full of processed product at the start of H2.
i.e 60kt in the sheds - full.
That is the AU$1.3m - finished goods.
Most of it will still be in the sheds?
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Yes, the word 'News' doesn't make sense but we all know it should be 'New'.
Included in that sentence is '.....versus budget of 60,000 tonnes.', Harvest have never provided budget figures for invoiced & delivered, just sales orders. That budget of 60,000 tonnes of sales orders is also shown in the review of operations in the same RNS.
Yes, the MD did state that in the IMC interview and they also stated the same in the Q4/FY2022 sales RNS. But I also recall the MD in response to a SH question in the interview saying Harvest BoD had agreed and wouldn't provide figures for 'delivered' in future up-dates? Then along comes the Q1/23 sales update RNS with the highlights:
'Sales orders received total 16,755 tonnes versus budget of 12,000 tonnes'
and
' Sales orders invoiced and delivered total 3,560 tonnes'
I thought you had sold up anyway?
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It didn't, the RNS stated 'News sales orders invoiced and delivered total....' and part of that total was 'invoiced and delivered'.
Best you just contact the company and request clarification.
From my experience with Harvest and if you do get a reply, I would expect that to say 'The Nomad is happy with the RNS', or similar.
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If you think that's the case then you contact the company!
27,000 tonnes sold in H1/23? No!
You may well find they don't even achieve 27,000 tonnes in the whole of 2023!
Watch out for a further sales down-grade, IMHO of course.
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Why don't you be the idiot that contacts the company management about this?
There is NO discrepancy between Q2/H1 sales figures and the interim results!
Look at it this way, from Q2/H1 sales RNS:
'News sales orders invoiced and delivered total 27,000 tonnes in H1 2023 versus budget of 60,000 tonnes.'
During H1 Harvest received 27,000 tonnes of sales orders.
During H1 Harvest invoiced and delivered part of the 27,000 tonnes of sales orders.
From the interim results Harvest sold (invoiced & delivered) 7,280 tonnes during H1
Simply,
during H1 Harvest received 27,000 tonnes of sales orders,
during H1 Harvest sold (invoiced & delivered) 7,280 tonnes
and
at the end of H1 Harvest have 19,720 tonnes of sales orders received in H1 that may or may not be invoiced & delivered during H2.
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Niceto...
Copied from a previous post:
The 27,000t refers to Q1/23 sales orders of 16,755t plus Q2/23 sales orders of 10,245t making a total of 27,000t for H1/23.
The RNS stated: 'News sales orders invoiced and delivered total 27,000 tonnes...' rather confusing but that was the point.