PROVISIONALLY PRICED SALES:

9 Months Ended

Sep. 30, 2016

PROVISIONALLY PRICED SALES:

PROVISIONALLY PRICED SALES:

NOTE 6 — PROVISIONALLY PRICED SALES:

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

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

	Sales volume (million lbs.)	Priced at (per pound)		Month of settlement
Copper	206.3	$	2.20	From October 2016 to December 2016
Molybdenum	15.8	$	7.00	From October 2016 to January 2017

The provisional sales price adjustment included in accounts receivable and net sales at September 30, 2016 includes a positive adjustment of $3.5 million for copper and a negative adjustment of $1.1 million for molybdenum.

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.