PROVISIONALLY PRICED SALES:

6 Months Ended

Jun. 30, 2016

PROVISIONALLY PRICED SALES:

PROVISIONALLY PRICED SALES:

NOTE 5 — PROVISIONALLY PRICED SALES:

At June 30, 2016, the Company has recorded provisionally priced sales of copper at average forward prices per pound, and molybdenum at the June 30, 2016 market price per pound.  These sales are subject to final pricing based on the average monthly London Metal Exchange (“LME”) or New York Commodities Exchange (“COMEX”) copper prices and Dealer Oxide molybdenum prices in the future month of settlement.

Following are the provisionally priced copper and molybdenum sales outstanding at June 30, 2016:

	Sales volume (million lbs.)	Priced at (per pound)		Month of settlement
Copper	182.6	$	2.19	From July 2016 to September 2016
Molybdenum	15.5	$	7.13	From July 2016 to September 2016

The provisional sales price adjustment included in accounts receivable and net sales at June, 30, 2016 includes positive adjustments of $5.8 million and $14.5 million for copper and molybdenum, respectively.

Management believes that the final pricing of these sales will not have a material effect on the Company’s financial position or results of operations.