CORRESP 1 filename1.htm
VIA EDGAR SUBMISSION
 
Mr. George K. Schuler and Mr. Karl Hiller
Division of Corporation Finance
Office of Energy & Transportation
Securities and Exchange Commission
100 F Street NE
Washington, D.C. 20549

April 17, 2023
 
Re:
IperionX Limited

Form 20-F for the Fiscal Year ended June 30, 2022

Filed August 26, 2022

File No. 001-41338
 
Dear Mr. Schuler and Mr. Hiller,
 
Please find our response to the comments set forth in a letter dated April 13, 2023 (the “Letter”) from the staff (the “Staff”) of the Securities and Exchange Commission (the “Commission”) relating to the above-mentioned Annual Report on Form 20-F for the fiscal year ended June 30, 2022 (the “2022 20-F”).  References to the “Company,” “IPX,” “we,” “us” and “our” in this letter refer to IperionX Limited, unless otherwise indicated.
 
For your convenience, we have restated below in bold each comment from the Letter and supplied our responses immediately thereafter.  Page references included in our responses are to those contained in Amendment No. 1 to the 2022 20-F (the “Amendment No. 1”).
 
Form 20-F for the Fiscal Year ended June 30, 2022
 
D. Property, Plant and Equipment
 
Titan Project, page 42
 
1.
Please expand the disclosures proposed in response to prior comment 3, regarding the individual heavy mineral prices, to also include the individual prices for all of the Rare Earth Elements (REE) that contribute to your REE concentrate price along with the percentage of each REE found in your typical concentrate sold.
 
Response 1: In response to the Staff’s comment, we will revise the disclosure as set forth as in Annex A attached hereto to also include the individual prices for all of the REE that contribute to our REE concentrate price along with the percentage of each REE found in our typical REE concentrate.
 
Exhibit 15.1
 
Technical Report Summary on the Titan Project, page E-0
 
Section 11.8 - Cut-off Grade, page E-28
 
2.
We note your response to prior comment 5 and the revisions proposed regarding disclosure of individual heavy mineral prices in the technical report summary. In addition to those changes, the individual prices for all of the Rare Earth Elements (REE) that contribute to the REE concentrate price along with the percentage of each REE found in your typical concentrate sold, should be disclosed; Table 21 should also be modified to include the historical prices along with the spot prices and forecast prices utilized.
 
Response 2: In response to the Staff’s comment, we will revise the disclosure as set forth in Annex A attached hereto to also include the individual prices for all of the REE that contribute to our REE concentrate price along with the percentage of each REE found in our typical REE concentrate. We have also revised the disclosure to include the historical prices along with the spot prices and forecast prices utilized.
 
Section 13.3 - Production Target and Mine Schedule, page E-32
 
3.
We note your response to prior comment 7 including the proposed final mining limit map and LOM mine production schedule. The technical report summary should also include the mining schedules utilized in the cash flow analyses for mining both (i) indicated resources and (ii) indicated resources with inferred resources.
 
Response 3: In response to the Staff’s comment, we will revise the disclosure as set forth as in Annex A attached hereto to also include the mining schedules utilized in the cash flow analyses for mining both (i) indicated resources and (ii) indicated resources with inferred resources.
 
Section 19 - Economic Analysis, page E-57
 
4.
We note the revisions proposed in response to prior comment 10 regarding the cash flow analyses for the indicated resources and combined indicated and inferred resources.
 
The cash flow analyses should be further revised to include the corresponding LOM production schedule (tonnage & grade) and a line item for royalties; and the results of the analyses should be described in the accompanying text with equal prominence.
 
Response 4:  In response to the Staff’s comment, we will revise the disclosure as set forth as in Annex A attached hereto to also include the corresponding LOM production schedule (tonnage & grade). We respectfully advise the Staff that the only royalties payable are landowner royalties which we have included as a separate line item. We have also revised the disclosure to describe the results of the analyses in the accompanying text with equal prominence.
 
2
 
Sincerely,
 
 
/s/ Greg Swan
  
 
Greg Swan
 
Chief Financial Officer
  
Via E-mail:
cc:
Jeanne McMullin, Chief Legal Officer
 
Eric Scarazzo, Gibson, Dunn & Crutcher LLP

3
Annex A

Response 1:

Mineral resources
 
*****
 
We have reported mineral resources, prepared in accordance with Subpart 1300 requirements of the SEC as part of our exploration and evaluation activities. On July 1, 2022, we filed a technical report summary for our Titan Project, dated June 30, 2022, which report is an exhibit to this Annual Report on Form 20-F. As of June 30, 2022, we have reported 431 million metric tons of mineral resources at a grade of 2.2% total heavy minerals (“THM”), containing 9.5 million metric tons of THM at a 0.4% cut-off. Slimes (“SL”) and oversize material accounts for approximately 20% and 2.5% of the THM fraction respectively. Mineralization occurs as a single, large, and coherent near-surface deposit. In addition, preliminary analysis of valuable heavy minerals (“VHM”) (which form a proportion of the THM) indicates a valuable mineral assemblage consisting of zircon, rutile, ilmenite, rare earth elements (“REE”), and staurolite.
 
The estimated economic cut-off grade of 0.4% THM utilized for resource reporting purposes has been calculated using on a revenue cost break even calculation and is based on the following assumptions:
 

 •
historical 2017 to 2021 annual average prices for ilmenite, rutile, rare earth concentrate and zircon as set out below;

•
recovery factors of 82.6% for ilmenite, 60.9% for rutile, 77.1% for rare earth concentrate and 90.8% for zircon;

•
operating cost estimates of $3.00/t ROM mining, $3.00/t ROM processing, $0.40/t ROM transport and $0.90/t ROM general and administrative costs; and

•
a royalty of 5% is included in the cut-off grade.
 
Historic, spot, and forecast product prices (US$/t, 2022 real terms, rounded).

Product
Historic
2017 – 2021
(annual average,
US$/t)
Spot
pricing1
Forecast
2023 – 2027
(annual average,
US$/t)
Forecast
2028+
(annual average,
US$/t)
Rare earth concentrate
$4,8212
$11,180 – $12,850
$14,325
$17,690
Rutile
$1,030
$1,960 – $2,280
$1,475
$1,285
Chloride Ilmenite
$200
$390 – $470
$305
$310
Zircon (premium)
$1,405
$2,500 – $3,025
$2,240
$1,685
Zircon (concentrate)
$630
$945 – $1,330
$1,010
$760

4
Historic, spot, and forecast individual REE prices (US$/t, 2022 real terms, rounded).

Rare Earth Oxide
Historic
2017 - 2021
(annual average
US$/kg)3
Spot
pricing4
(US$/kg)
Forecast
2023 - 2027
(annual average
US$/kg)
Forecast
2028+
(annual average
US$/kg)
Lanthanum
$1.8
$1.2
$1.4
$1.4
Cerium
$1.8
$1.3
$1.5
$1.5
Praseodymium
$64.1
$143.9
$194.4
$242.4
Neodymium
$58.5
$143.9
$204.6
$255.1
Samarium
$2.0
$3.3
$4.9
$6.8
Europium
$36.4
$27.6
$34.5
$40.2
Gadolinium
$26.5
$79.0
$108.1
$130.1
Terbium
$692.2
$2,109.6
$2,419.6
$2,935.2
Dysprosium
$254.6
$371.2
$565.5
$690.6
Holmium
$76.6
$193.1
$295.5
$337.1
Erbium
$26.7
$53.7
$64.8
$73.9
Ytterbium
$16.2
$14.8
$18.6
$21.7
Lutetium
$666.1
$782.7
$900.9
$1,051.0
Yttrium
$3.8
$12.3
$16.1
$22.7

Pricing has been based upon the following standard product specification requirements:

Initial Assessment product specification requirements.

Product
Product specification requirements
Rare earth concentrate
Mineral rare earth concentrate with 58.68 weight % total rare earth oxides (TREO) – as set out in the table below. Value of rare earth concentrate calculated as 31% value of contained TREO plus 10% premium for Titan Project’s heavy rare earth enrichment.
Rutile
Bulk rutile with titanium dioxide content (TiO2) of 94% - 96%
Chloride Ilmenite
Chloride ilmenite with titanium dioxide content (TiO2) of 58% - 65%
Zircon (premium)
Premium bulk zircon with ZrO2 + HfO2 >66%
Zircon (concentrate)
Zircon concentrate with ZrO2 + HfO2 >30%

Key product specifications of Titan-derived rare earth mineral concentrate.

Rare Earth Oxide
Concentration (weight %)
La
10.50%
Ce
21.90%
Pr
2.59%
Nd
9.85%
Sm
1.80%
Eu
0.15%
Gd
1.48%
Tb
0.20%
Dy
1.19%
Ho
0.22%
Er
0.66%
Tm
0.09%
Yb
0.54%
Lu
0.08%
Y
7.43%
TREO
58.68%

1
Sources: Ruidow.com at June 29, 2022 and Iluka Resources.
2
Refer to table below for individual prices for REE’s that contribute to the REE concentrate price and table below for the percentage of each REE in our REE concentrate. REE historic average pricing is based on limited available data for 2017.
3
REE historic average pricing is based on limited available data for 2017.
4
Source: Argus at June 29, 2022.

5
Response No. 2

11.8
Cut-off Grade

A nominal bottom cut of 0.4% THM is offered, based on preliminary assessment of resource value and anticipated operational cost evaluated through preliminary engineering work.

The estimated economic cut-off grade of 0.4% THM utilized for resource reporting purposes has been calculated using on a revenue cost break even calculation and is based on the following assumptions:
 

 •
historical 2017 to 2021 annual average prices for ilmenite, rutile, rare earth concentrate and zircon as set out in Tables 17 and 18;

•
recovery factors of 82.6% for ilmenite, 60.9% for rutile, 77.1% for rare earth concentrate and 90.8% for zircon;

•
operating cost estimates of $3.00/t ROM mining, $3.00/t ROM processing, $0.40/t ROM transport and $0.90/t ROM general and administrative costs; and

•
a royalty of 5% is included in the cut-off grade.

SEC Regulation S-K 1300 requires that all reports of Mineral Resources must have reasonable prospects for eventual economic extraction regardless of the classification of the resource.

As detailed in the Initial Assessment, Mineral Resources are amenable to exploitation, incorporating a multi-decade mine life and the application of conventional mining and processing technology.

The QP has used this information as the basis for determining reasonable prospects for eventual economic extraction.

*****

6
Table 17: Historic, spot, and forecast product prices (US$/t, 2022 real terms, rounded).

Product
Historic
2017 – 2021
(annual average,
US$/t)
Spot
pricing12
(US$/kg)
Forecast
2023 – 2027
(annual average,
US$/t)
Forecast
2028+
(annual average,
US$/t)
Rare earth concentrate
$4,82113
$11,180 – $12,850
$14,325
$17,690
Rutile
$1,030
$1,960 – $2,280
$1,475
$1,285
Chloride Ilmenite
$200
$390 – $470
$305
$310
Zircon (premium)
$1,405
$2,500 – $3,025
$2,240
$1,685
Zircon (concentrate)
$630
$945 – $1,330
$1,010
$760

Table 18: Historic, spot, and forecast individual REE prices (US$/t, 2022 real terms, rounded).

Rare Earth Oxide
Historic
2017 - 2021
(annual average
US$/kg)14
Spot
pricing15
(US$/kg)
Forecast
2023 - 2027
(annual average
US$/kg)
Forecast
2028+
(annual average
US$/kg)
Lanthanum
$1.8
$1.2
$1.4
$1.4
Cerium
$1.8
$1.3
$1.5
$1.5
Praseodymium
$64.1
$143.9
$194.4
$242.4
Neodymium
$58.5
$143.9
$204.6
$255.1
Samarium
$2.0
$3.3
$4.9
$6.8
Europium
$36.4
$27.6
$34.5
$40.2
Gadolinium
$26.5
$79.0
$108.1
$130.1
Terbium
$692.2
$2,109.6
$2,419.6
$2,935.2
Dysprosium
$254.6
$371.2
$565.5
$690.6
Holmium
$76.6
$193.1
$295.5
$337.1
Erbium
$26.7
$53.7
$64.8
$73.9
Ytterbium
$16.2
$14.8
$18.6
$21.7
Lutetium
$666.1
$782.7
$900.9
$1,051.0
Yttrium
$3.8
$12.3
$16.1
$22.7

Pricing has been based upon the following standard product specification requirements:

Table 19: Initial Assessment product specification requirements.

Product
Product specification requirements
Rare earth concentrate
Mineral rare earth concentrate with 58.68 weight % total rare earth oxides (TREO) – as set out in Table 20. Value of rare earth concentrate calculated as 31% value of contained TREO plus 10% premium for Titan Project’s heavy rare earth enrichment.
Rutile
Bulk rutile with titanium dioxide content (TiO2) of 94% - 96%
Chloride Ilmenite
Chloride ilmenite with titanium dioxide content (TiO2) of 58% - 65%
Zircon (premium)
Premium bulk zircon with ZrO2 + HfO2 >66%
Zircon (concentrate)
Zircon concentrate with ZrO2 + HfO2 >30%

7
Table 20: Key product specifications of Titan-derived rare earth mineral concentrate.

Rare Earth Oxide
Concentration (weight %)
La
10.50%
Ce
21.90%
Pr
2.59%
Nd
9.85%
Sm
1.80%
Eu
0.15%
Gd
1.48%
Tb
0.20%
Dy
1.19%
Ho
0.22%
Er
0.66%
Tm
0.09%
Yb
0.54%
Lu
0.08%
Y
7.43%
TREO
58.68%

12
Sources: Ruidow.com at June 29, 2022 and Iluka Resources.
13
Refer to Table 18 for individual prices for REE’s that contribute to the REE concentrate price and Table 20 for the percentage of each REE in our REE concentrate. REE historic average pricing is based on limited available data for 2017.
14
REE historic average pricing is based on limited available data for 2017.
15
Source: Argus at June 29, 2022.

Response No. 3

Table 13: Annual LOM production tonnage and grade (Indicated and Inferred Resources).

Description
ROM
Waste
ROM AND WASTE
THM In-Situ
Units
Mt
Mt
Mt
%
Year 1-25
242.6
163.4
406.0
3.0%
1
10.0
3.6
13.6
3.9%
2
9.8
6.2
16.0
4.2%
3
9.9
12.3
22.3
3.6%
4
9.9
4.8
14.7
2.3%
5
9.9
3.7
13.6
2.6%
6
9.7
11.7
21.3
3.0%
7
9.4
9.1
18.5
2.9%
8
9.4
8.2
17.6
2.8%
9
9.5
6.8
16.3
2.7%
10
9.6
6.0
15.6
2.7%
11
9.7
6.1
15.9
2.8%
12
9.9
6.6
16.5
2.8%
13
9.9
7.2
17.1
2.6%
14
9.9
1.7
11.6
3.1%
15
9.3
12.4
21.7
3.0%
16
9.5
11.2
20.6
3.1%
17
9.5
10.5
20.0
3.1%
18
9.4
6.9
16.3
3.1%
19
9.5
6.3
15.9
3.0%
20
9.7
6.3
16.0
2.9%
21
10.0
4.6
14.6
2.7%
22
9.9
3.6
13.4
2.7%
23
9.8
5.1
14.9
2.8%
24
9.8
1.0
10.8
3.1%
25
9.9
1.4
11.2
3.4%

8
Table 14: Annual LOM production tonnage and grade (assuming Indicated Resources only).

Description
ROM
Waste
ROM AND WASTE
THM In-Situ
Units
Mt
Mt
Mt
%
Year 1-14
136.5
94.2
230.7
3.0%
1
10.0
3.6
13.6
3.9%
2
9.8
6.2
16.0
4.2%
3
9.9
12.3
22.3
3.6%
4
9.9
4.8
14.7
2.3%
5
9.9
3.7
13.6
2.6%
6
9.7
11.7
21.3
3.0%
7
9.4
9.1
18.5
2.9%
8
9.4
8.2
17.6
2.8%
9
9.5
6.8
16.3
2.7%
10
9.6
6.0
15.6
2.7%
11
9.7
6.1
15.9
2.8%
12
9.9
6.6
16.5
2.8%
13
9.9
7.2
17.1
2.6%
14
9.9
1.7
11.6
3.1%

Response No. 4

19.2
Initial Assessment Economics

The DCF analysis demonstrated compelling economics of the prospective Titan Project, with an NPV (after-tax, at an 8% discount rate) of US$692 million and an IRR of 40%. The DCF analysis also highlighted the low operating costs, low royalties, and low corporate tax rates. Sensitivity analysis was performed on all key assumptions used. The robust Titan Project economics insulates IperionX’s Titan Project from variation in market pricing, capital expense, or operating expenses. Payback period for the Project is 1.9 years from the start of operations. The payback period is based on free-cash flow, after taxes.

9
In the unlikely event that the remaining Inferred Mineral Resources are not able to be upgraded, the Project’s viability is not affected. This is supported by a stand-alone DCF analysis prepared that assumes only Indicated Resources are included the mine plan in order to demonstrate the economic viability of the Project. Assuming only Indicated Resources are mined, the revised production target would be approximately 136.5 Mt ROM mineralized resource and the mine life would be approximately 14 years. This DCF analysis demonstrates that the Project would still be expected to exhibit levels of profitability that would contribute significant value to IperionX shareholders, even if no additional Indicated Resources are upgraded from existing Inferred Resources or replaced with new Indicated Resources that are yet to be discovered. The DCF analysis assuming only Indicated Resources are included the mine plan demonstrated with an NPV (after-tax, at an 8% discount rate) of US$469 million and an IRR of 39%.

*****

10
Table 25: Annual cash flow summary (Indicated and Inferred resources)

 
Units
LOM Total
                            
Calendar Year
    
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
Operation Year
    
0
1
2
3
4
5
6
7
8
9
10
11
12
13
Mining and Processing Schedule
                                
Total Material Mined
Mt
406.0
-
-
13.6
16.0
22.3
14.7
13.6
21.3
18.5
17.6
16.3
15.6
15.9
16.5
Total Ore Mined
Mt
242.6
-
-
10.0
9.8
9.9
9.9
9.9
9.7
9.4
9.4
9.5
9.6
9.7
9.9
Total Waste Mined
Mt
163.4
-
-
3.6
6.2
12.3
4.8
3.7
11.7
9.1
8.2
6.8
6.0
6.1
6.6
Mining Losses, Oversize, and Trash
Mt
4.5
-
-
0.3
0.2
0.3
0.2
0.2
0.2
0.2
0.1
0.1
0.1
0.1
0.1
Slimes
Mt
40.5
-
-
1.8
1.6
1.7
1.7
1.8
1.5
1.4
1.4
1.4
1.5
1.7
1.9
Total Heavy Minerals (THM) In-Situ
Mt
7.2
-
-
0.4
0.4
0.4
0.2
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
In-Situ Total Heavy Minerals Grade
% THM
3.0%
-
-
3.8%
4.2%
3.6%
2.3%
2.6%
3.0%
2.9%
2.8%
2.7%
2.7%
2.8%
2.8%
Mineral Grade Splits
                                
Ilmenite
% THM
40.2%
-
-
40.4%
35.9%
38.1%
42.5%
41.6%
37.9%
36.7%
35.2%
35.3%
36.6%
39.3%
41.9%
Rutile
% THM
9.4%
-
-
9.5%
8.4%
8.9%
10.0%
9.8%
8.9%
8.6%
8.3%
8.3%
8.6%
9.2%
9.8%
Monazite
% THM
2.1%
-
-
2.2%
1.9%
2.0%
2.3%
2.3%
1.9%
1.8%
1.7%
1.8%
1.9%
2.1%
2.3%
Zircon
% THM
11.5%
-
-
11.6%
10.2%
10.9%
12.2%
12.0%
10.7%
10.3%
9.9%
10.0%
10.4%
11.2%
12.0%
In-Situ Mineral Content in Mined Material
                                
Ilmenite
Mt
2.9
-
-
0.2
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
Rutile
Mt
0.7
-
-
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Monazite
Mt
0.2
-
-
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Zircon
Mt
0.8
-
-
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Wet Concentration Plant Feed
Mt
237.3
-
-
9.6
9.5
9.6
9.6
9.6
9.4
9.3
9.3
9.3
9.4
9.6
9.6
Heavy Mineral Concentrate Produced
Mt
7.6
-
-
0.4
0.4
0.4
0.2
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
Saleable Mineral Products Recovered
                                
Ilmenite
kt
2,388.0
-
-
94.0
124.4
112.2
79.0
89.0
91.4
83.4
78.8
76.3
79.2
88.4
95.3
Rutile
kt
417.5
-
-
16.4
21.7
19.6
13.8
15.6
16.0
14.6
13.8
13.3
13.9
15.5
16.7
Monazite
kt
116.2
-
-
4.7
6.0
5.5
3.9
4.4
4.2
3.7
3.5
3.5
3.7
4.3
4.8
Zircon Premium
kt
559.6
-
-
22.1
29.1
26.3
18.6
20.9
21.2
19.2
18.1
17.7
18.4
20.7
22.5
Zircon Concentrate
kt
402.4
-
-
15.9
20.9
18.9
13.4
15.1
15.3
13.8
13.0
12.7
13.3
14.9
16.2
Mineral Product Prices
                                
Ilmenite
US$/t
  
$284.2
$298.7
$313.3
$327.8
$309.8
$309.8
$309.8
$309.8
$309.8
$309.8
$309.8
$309.8
$309.8
$309.8
Rutile
US$/t
  
$1,440.5
$1,488.8
$1,566.4
$1,585.3
$1,284.2
$1,284.2
$1,284.2
$1,284.2
$1,284.2
$1,284.2
$1,284.2
$1,284.2
$1,284.2
$1,284.2
Monazite
US$/t
  
$13,062.2
$14,296.3
$15,013.1
$14,708.0
$14,546.1
$14,296.5
$14,723.1
$15,426.6
$16,264.3
$16,928.3
$17,423.5
$17,919.0
$18,414.9
$18,414.9
Zircon Premium
US$/t
  
$2,376.3
$2,429.1
$2,398.6
$2,309.5
$1,687.4
$1,687.4
$1,687.4
$1,687.4
$1,687.4
$1,687.4
$1,687.4
$1,687.4
$1,687.4
$1,687.4
Zircon Concentrate
US$/t
  
$1,069.3
$1,093.1
$1,079.4
$1,039.3
$759.3
$759.3
$759.3
$759.3
$759.3
$759.3
$759.3
$759.3
$759.3
$759.3
Gross Revenue
                                
Ilmenite
US$M
$742.3
-
-
$29.5
$40.8
$34.8
$24.5
$27.6
$28.3
$25.8
$24.4
$23.6
$24.5
$27.4
$29.5
Rutile
US$M
$547.3
-
-
$25.8
$34.5
$25.2
$17.8
$20.0
$20.5
$18.7
$17.7
$17.1
$17.8
$19.9
$21.4
Monazite
US$M
$2,016.0
-
-
$70.0
$88.0
$79.9
$56.4
$65.3
$65.3
$60.2
$59.2
$60.7
$66.9
$79.4
$88.3
Zircon Premium
US$M
$978.1
-
-
$53.1
$67.2
$44.4
$31.4
$35.3
$35.8
$32.4
$30.6
$29.8
$31.1
$35.0
$37.9
Zircon Concentrate
US$M
$316.5
-
-
$17.2
$21.7
$14.4
$10.2
$11.4
$11.6
$10.5
$9.9
$9.6
$10.1
$11.3
$12.3
Total Gross Revenue
US$M
$4,600.1
-
-
$195.4
$252.2
$198.7
$140.2
$159.6
$161.5
$147.7
$141.8
$140.9
$150.5
$173.0
$189.4
Operating Costs
                                
Mining
US$M
$644.9
-
-
$22.8
$25.6
$33.2
$24.0
$22.7
$32.0
$28.5
$27.3
$25.8
$25.0
$25.3
$26.1
Wet Processing Plant
US$M
$242.2
-
-
$9.8
$9.7
$9.8
$9.8
$9.8
$9.6
$9.5
$9.5
$9.6
$9.6
$9.8
$9.8
Slimes Tailings Disposal
US$M
$153.3
-
-
$6.7
$6.1
$6.5
$6.4
$6.6
$5.9
$5.4
$5.4
$5.6
$5.8
$6.3
$6.8
Mineral Separation Plant
US$M
$310.2
-
-
$15.0
$15.9
$14.2
$10.6
$11.5
$12.4
$11.9
$11.8
$11.6
$11.6
$11.9
$11.9
General & Administration
US$M
$173.1
-
-
$6.9
$6.9
$6.9
$6.9
$6.9
$6.9
$6.9
$6.9
$6.9
$6.9
$6.9
$6.9
Landowner Royalties
US$M
$100.4
-
-
$9.8
$12.6
$9.9
$1.4
-
$4.0
$5.9
$4.3
$2.1
$6.8
-
-
Transport and Logistics Costs
US$M
$53.4
-
  
$2.1
$2.8
$2.5
$1.8
$2.0
$1.9
$1.7
$1.6
$1.6
$1.7
$2.0
$2.2
Total Operating Costs
US$M
$1,677.6
-
-
$73.2
$79.6
$83.1
$60.9
$59.6
$72.8
$69.9
$66.9
$63.1
$67.4
$62.2
$63.8
Operating Income before Taxes
US$M
$2,922.6
-
-
$122.3
$172.6
$115.6
$79.2
$100.0
$88.7
$77.8
$74.9
$77.7
$83.0
$110.8
$125.6
Capital Costs
                                
Development Capital
US$M
$237.2
$42.2
$186.3
$8.7
-
-
-
-
-
-
-
-
-
-
-
Sustaining Capital, incl. Ongoing Reclamation
US$M
$188.3
-
-
-
-
$16.1
-
$2.0
$14.2
-
-
$14.2
$34.6
-
$14.2
Final Closing/Reclamation Capital
US$M
$10.3
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total Capital Costs
US$M
$435.7
$42.2
$186.3
$8.7
-
$16.1
-
$2.0
$14.2
-
-
$14.2
$34.6
-
$14.2
Depreciation
US$M
$435.7
-
-
$67.8
$48.4
$39.2
$28.0
$20.5
$18.7
$13.4
$9.6
$10.9
$17.6
$12.6
$13.0
Depletion
US$M
$823.3
-
-
$27.2
$46.0
$35.4
$25.6
$29.9
$29.5
$26.6
$25.7
$25.7
$26.5
$31.7
$34.6
Income Taxes
US$M
$434.7
-
-
$7.1
$20.4
$10.7
$6.7
$13.0
$10.6
$9.9
$10.4
$10.7
$10.2
$17.4
$20.4
Change in Working Capital
US$M
-
-
-
$12.4
$4.3
($4.4)
($3.5)
$1.7
($0.6)
($1.1)
($0.3)
$0.2
$0.4
$2.3
$1.3
After Tax Free Cash Flow
US$M
$2,052.1
($42.2)
($186.3)
$94.0
$147.9
$93.2
$76.0
$83.4
$64.6
$69.0
$64.8
$52.7
$37.9
$91.1
$89.8

11
 
Units
LOM Total
                            
Calendar Year
    
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
Operation Year
    
14
15
16
17
18
19
20
21
22
23
24
25
26
27
Mining and Processing Schedule
                                
Total Material Mined
Mt
406.0
17.1
11.6
21.7
20.6
20.0
16.3
15.9
16.0
14.6
13.4
14.9
10.8
11.2
-
Total Ore Mined
Mt
242.6
9.9
9.9
9.3
9.5
9.5
9.4
9.5
9.7
10.0
9.9
9.8
9.8
9.9
-
Total Waste Mined
Mt
163.4
7.2
1.7
12.4
11.2
10.5
6.9
6.3
6.3
4.6
3.6
5.1
1.0
1.4
-
Mining Losses, Oversize, and Trash
Mt
4.5
0.1
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.1
0.2
-
Slimes
Mt
40.5
1.9
1.8
1.2
1.4
1.4
1.4
1.5
1.6
1.9
1.8
1.7
1.7
1.8
-
Total Heavy Minerals (THM) In-Situ
Mt
7.2
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
 -
In-Situ Total Heavy Minerals Grade
% THM
3.0%
2.5%
3.0%
3.0%
3.1%
3.1%
3.1%
3.0%
2.9%
2.6%
2.6%
2.8%
3.1%
3.4%
-
Mineral Grade Splits
                                
Ilmenite
% THM
40.2%
42.9%
44.2%
38.5%
40.2%
40.9%
40.4%
40.8%
42.1%
44.4%
41.2%
40.9%
42.9%
43.4%
-
Rutile
% THM
9.4%
10.1%
10.4%
9.0%
9.4%
9.6%
9.5%
9.6%
9.9%
10.4%
9.7%
9.6%
10.1%
10.2%
-
Monazite
% THM
2.1%
2.4%
2.4%
1.9%
2.0%
2.1%
2.1%
2.2%
2.2%
2.4%
2.2%
2.2%
2.4%
2.4%
-
Zircon
% THM
11.5%
12.4%
12.7%
10.9%
11.4%
11.7%
11.6%
11.7%
12.1%
12.8%
11.8%
11.7%
12.4%
12.5%
-
In-Situ Mineral Content in Mined Material
                                
Ilmenite
Mt
2.9
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
-
Rutile
Mt
0.7
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-
Monazite
Mt
0.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-
Zircon
Mt
0.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-
Wet Concentration Plant Feed
Mt
237.3
9.6
9.6
9.1
9.3
9.3
9.3
9.4
9.5
9.6
9.6
9.6
9.6
9.6
-
Heavy Mineral Concentrate Produced
Mt
7.6
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.4
-
Saleable Mineral Products Recovered
                                
Ilmenite
kt
2,388.0
90.2
111.4
89.7
97.0
101.3
98.9
96.4
98.4
96.7
90.0
94.9
109.0
122.7
-
Rutile
kt
417.5
15.8
19.5
15.7
16.9
17.7
17.3
16.9
17.2
16.9
15.7
16.6
19.1
21.4
-
Monazite
kt
116.2
4.6
5.6
4.1
4.5
4.9
4.8
4.7
4.8
4.9
4.4
4.7
5.6
6.3
-
Zircon Premium
kt
559.6
21.3
26.3
20.8
22.6
23.7
23.2
22.6
23.1
22.9
21.1
22.3
25.8
29.0
-
Zircon Concentrate
kt
402.4
15.3
18.9
15.0
16.2
17.0
16.7
16.3
16.6
16.4
15.2
16.0
18.5
20.9
 -
Mineral Product Prices
                                
Ilmenite
US$/t
  
$309.8
$309.8
$309.8
$309.8
$309.8
$309.8
$309.8
$309.8
$309.8
$309.8
$309.8
$309.8
$309.8
$309.8
Rutile
US$/t
  
$1,284.2
$1,284.2
$1,284.2
$1,284.2
$1,284.2
$1,284.2
$1,284.2
$1,284.2
$1,284.2
$1,284.2
$1,284.2
$1,284.2
$1,284.2
$1,284.2
Monazite
US$/t
  
$18,414.9
$18,414.9
$18,414.9
$18,414.9
$18,414.9
$18,414.9
$18,414.9
$18,414.9
$18,414.9
$18,414.9
$18,414.9
$18,414.9
$18,414.9
$18,414.9
Zircon Premium
US$/t
  
$1,687.4
$1,687.4
$1,687.4
$1,687.4
$1,687.4
$1,687.4
$1,687.4
$1,687.4
$1,687.4
$1,687.4
$1,687.4
$1,687.4
$1,687.4
$1,687.4
Zircon Concentrate
US$/t
  
$759.3
$759.3
$759.3
$759.3
$759.3
$759.3
$759.3
$759.3
$759.3
$759.3
$759.3
$759.3
$759.3
$759.3
Gross Revenue
                                
Ilmenite
US$M
$742.3
$27.9
$34.5
$27.8
$30.1
$31.4
$30.6
$29.9
$30.5
$30.0
$27.9
$29.4
$33.8
$38.0
-
Rutile
US$M
$547.3
$20.3
$25.0
$20.1
$21.8
$22.7
$22.2
$21.6
$22.1
$21.7
$20.2
$21.3
$24.5
$27.5
-
Monazite
US$M
$2,016.0
$84.3
$104.0
$75.7
$83.8
$89.5
$88.2
$86.6
$89.1
$90.3
$81.4
$85.7
$102.2
$115.6
-
Zircon Premium
US$M
$978.1
$36.0
$44.4
$35.1
$38.1
$40.0
$39.1
$38.1
$39.0
$38.6
$35.7
$37.6
$43.5
$49.0
-
Zircon Concentrate
US$M
$316.5
$11.6
$14.4
$11.4
$12.3
$12.9
$12.6
$12.3
$12.6
$12.5
$11.5
$12.2
$14.1
$15.9
-
Total Gross Revenue
US$M
$4,600.1
$180.1
$222.3
$170.1
$186.0
$196.5
$192.7
$188.5
$193.2
$193.1
$176.6
$186.2
$218.0
$246.0
-
Operating Costs
                                
Mining
US$M
$644.9
$27.0
$20.2
$32.3
$31.0
$30.2
$25.8
$25.3
$25.5
$23.9
$22.5
$24.1
$19.2
$19.8
  
Wet Processing Plant
US$M
$242.2
$9.8
$9.8
$9.4
$9.5
$9.5
$9.5
$9.6
$9.7
$9.8
$9.8
$9.8
$9.8
$9.8
  
Slimes Tailings Disposal
US$M
$153.3
$7.0
$6.8
$4.8
$5.4
$5.5
$5.4
$5.7
$6.2
$6.8
$6.5
$6.3
$6.4
$6.6
  
Mineral Separation Plant
US$M
$310.2
$11.4
$12.8
$12.1
$12.4
$12.6
$12.5
$12.2
$12.2
$11.6
$11.6
$12.1
$12.8
$13.8
  
General & Administration
US$M
$173.1
$6.9
$6.9
$6.9
$6.9
$6.9
$6.9
$6.9
$6.9
$6.9
$6.9
$6.9
$6.9
$6.9
  
Landowner Royalties
US$M
$100.4
-
$2.2
-
-
-
-
-
-
-
$8.8
$9.3
$10.9
$12.3
-
Transport and Logistics Costs
US$M
$53.4
$2.1
$2.6
$1.9
$2.1
$2.2
$2.2
$2.2
$2.2
$2.3
$2.0
$2.1
$2.6
$2.9
  
Total Operating Costs
US$M
$1,677.6
$64.1
$61.3
$67.4
$67.3
$67.0
$62.4
$61.9
$62.7
$61.3
$68.3
$70.7
$68.6
$72.0
-
Operating Income before Taxes
US$M
$2,922.6
$116.0
$160.9
$102.7
$118.7
$129.5
$130.3
$126.6
$130.6
$131.8
$108.4
$115.5
$149.4
$174.0
-
Capital Costs
                                
Development Capital
US$M
$237.2
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Sustaining Capital, incl. Ongoing Reclamation
US$M
$188.3
$2.0
-
$14.2
-
-
$14.2
-
$34.6
$14.2
-
-
$14.2
-
-
Final Closing/Reclamation Capital
US$M
$10.3
-
-
-
-
-
-
-
-
-
-
-
-
$10.3
  
Total Capital Costs
US$M
$435.7
$2.0
-
$14.2
-
-
$14.2
-
$34.6
$14.2
-
-
$14.2
$10.3
-
Depreciation
US$M
$435.7
$9.9
$7.1
$9.1
$6.5
$4.6
$7.4
$5.3
$13.6
$13.8
$9.8
$7.0
$9.1
$32.9
  
Depletion
US$M
$823.3
$32.9
$40.2
$31.4
$34.2
$36.1
$35.3
$34.6
$35.4
$35.3
$30.7
$32.4
$37.8
$42.6
  
Income Taxes
US$M
$434.7
$19.1
$29.7
$16.3
$20.4
$23.2
$22.9
$22.7
$21.3
$21.6
$17.7
$19.9
$26.8
$25.7
-
Change in Working Capital
US$M
-
($0.8)
$3.5
($4.4)
$1.3
$0.9
($0.1)
($0.3)
$0.3
$0.0
($2.0)
$0.7
$2.6
$2.1
($16.5)
After Tax Free Cash Flow
US$M
$2,052.1
$95.7
$127.7
$76.7
$97.0
$105.4
$93.4
$104.3
$74.3
$95.9
$92.6
$95.0
$105.8
$135.9
$16.5

12
Table 26: Annual cash flow summary (assuming Indicated Resources only)

 
Units
LOM Total
                                  
Calendar Year
    
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
Operation Year
    
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Mining and Processing Schedule
                                      
Total Material Mined
Mt
230.7
-
-
13.6
16.0
22.3
14.7
13.6
21.3
18.5
17.6
16.3
15.6
15.9
16.5
17.1
11.6
-
Total Ore Mined
Mt
136.5
-
-
10.0
9.8
9.9
9.9
9.9
9.7
9.4
9.4
9.5
9.6
9.7
9.9
9.9
9.9
-
Total Waste Mined
Mt
94.2
-
-
3.6
6.2
12.3
4.8
3.7
11.7
9.1
8.2
6.8
6.0
6.1
6.6
7.2
1.7
-
Mining Losses, Oversize, and Trash
Mt
2.6
-
-
0.3
0.2
0.3
0.2
0.2
0.2
0.2
0.1
0.1
0.1
0.1
0.1
0.1
0.2
-
Slimes
Mt
23.2
-
-
1.8
1.6
1.7
1.7
1.8
1.5
1.4
1.4
1.4
1.5
1.7
1.9
1.9
1.8
-
Total Heavy Minerals (THM) In-Situ
Mt
4.1
-
-
0.4
0.4
0.4
0.2
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
-
In-Situ Total Heavy Minerals Grade
% THM
3.0%
-
-
3.8%
4.2%
3.6%
2.3%
2.6%
3.0%
2.9%
2.8%
2.7%
2.7%
2.8%
2.8%
2.5%
3.0%
-
Mineral Grade Splits
                                      
Ilmenite
% THM
39.2%
-
-
40.4%
35.9%
38.1%
42.5%
41.6%
37.9%
36.7%
35.2%
35.3%
36.6%
39.3%
41.9%
42.9%
44.2%
-
Rutile
% THM
9.2%
-
-
9.5%
8.4%
8.9%
10.0%
9.8%
8.9%
8.6%
8.3%
8.3%
8.6%
9.2%
9.8%
10.1%
10.4%
-
Monazite
% THM
2.1%
-
-
2.2%
1.9%
2.0%
2.3%
2.3%
1.9%
1.8%
1.7%
1.8%
1.9%
2.1%
2.3%
2.4%
2.4%
-
Zircon
% THM
11.2%
-
-
11.6%
10.2%
10.9%
12.2%
12.0%
10.7%
10.3%
9.9%
10.0%
10.4%
11.2%
12.0%
12.4%
12.7%
-
In-Situ Mineral Content in Mined Material
                                      
Ilmenite
Mt
1.6
-
-
0.2
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
  
Rutile
Mt
0.4
-
-
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
  
Monazite
Mt
0.1
-
-
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
  
Zircon
Mt
0.5
-
-
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
  
Wet Concentration Plant Feed
Mt
133.3
-
-
9.6
9.5
9.6
9.6
9.6
9.4
9.3
9.3
9.3
9.4
9.6
9.6
9.6
9.6
-
Heavy Mineral Concentrate Produced
Mt
4.3
-
-
0.4
0.4
0.4
0.2
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
-
Saleable Mineral Products Recovered
Mt
                                    
Ilmenite
kt
1,293.0
-
-
94.0
124.4
112.2
79.0
89.0
91.4
83.4
78.8
76.3
79.2
88.4
95.3
90.2
111.4
-
Rutile
kt
226.1
-
-
16.4
21.7
19.6
13.8
15.6
16.0
14.6
13.8
13.3
13.9
15.5
16.7
15.8
19.5
-
Monazite
kt
62.5
-
-
4.7
6.0
5.5
3.9
4.4
4.2
3.7
3.5
3.5
3.7
4.3
4.8
4.6
5.6
-
Zircon Premium
kt
302.6
-
-
22.1
29.1
26.3
18.6
20.9
21.2
19.2
18.1
17.7
18.4
20.7
22.5
21.3
26.3
-
Zircon Concentrate
kt
217.6
-
-
15.9
20.9
18.9
13.4
15.1
15.3
13.8
13.0
12.7
13.3
14.9
16.2
15.3
18.9
-
Mineral Product Prices
                                      
Ilmenite
US$/t
  
$284.2
$298.7
$313.3
$327.8
$309.8
$309.8
$309.8
$309.8
$309.8
$309.8
$309.8
$309.8
$309.8
$309.8
$309.8
$309.8
$309.8
Rutile
US$/t
  
$1,440.5
$1,488.8
$1,566.4
$1,585.3
$1,284.2
$1,284.2
$1,284.2
$1,284.2
$1,284.2
$1,284.2
$1,284.2
$1,284.2
$1,284.2
$1,284.2
$1,284.2
$1,284.2
$1,284.2
Monazite
US$/t
  
$13,062.2
$14,296.3
$15,013.1
$14,708.0
$14,546.1
$14,296.5
$14,723.1
$15,426.6
$16,264.3
$16,928.3
$17,423.5
$17,919.0
$18,414.9
$18,414.9
$18,414.9
$18,414.9
$18,414.9
Zircon Premium
US$/t
  
$2,376.3
$2,429.1
$2,398.6
$2,309.5
$1,687.4
$1,687.4
$1,687.4
$1,687.4
$1,687.4
$1,687.4
$1,687.4
$1,687.4
$1,687.4
$1,687.4
$1,687.4
$1,687.4
$1,687.4
Zircon Concentrate
US$/t
  
$1,069.3
$1,093.1
$1,079.4
$1,039.3
$759.3
$759.3
$759.3
$759.3
$759.3
$759.3
$759.3
$759.3
$759.3
$759.3
$759.3
$759.3
$759.3
Gross Revenue
                                      
Ilmenite
US$M
$403.1
-
-
$29.5
$40.8
$34.8
$24.5
$27.6
$28.3
$25.8
$24.4
$23.6
$24.5
$27.4
$29.5
$27.9
$34.5
-
Rutile
US$M
$301.5
-
-
$25.8
$34.5
$25.2
$17.8
$20.0
$20.5
$18.7
$17.7
$17.1
$17.8
$19.9
$21.4
$20.3
$25.0
-
Monazite
US$M
$1,027.9
-
-
$70.0
$88.0
$79.9
$56.4
$65.3
$65.3
$60.2
$59.2
$60.7
$66.9
$79.4
$88.3
$84.3
$104.0
-
Zircon Premium
US$M
$544.4
-
-
$53.1
$67.2
$44.4
$31.4
$35.3
$35.8
$32.4
$30.6
$29.8
$31.1
$35.0
$37.9
$36.0
$44.4
-
Zircon Concentrate
US$M
$176.2
-
-
$17.2
$21.7
$14.4
$10.2
$11.4
$11.6
$10.5
$9.9
$9.6
$10.1
$11.3
$12.3
$11.6
$14.4
-
Total Gross Revenue
US$M
$2,453.1
-
-
$195.4
$252.2
$198.7
$140.2
$159.6
$161.5
$147.7
$141.8
$140.9
$150.5
$173.0
$189.4
$180.1
$222.3
-
Operating Costs
                                      
Mining
US$M
$365.5
-
-
$22.8
$25.6
$33.2
$24.0
$22.7
$32.0
$28.5
$27.3
$25.8
$25.0
$25.3
$26.1
$27.0
$20.2
  
Wet Processing Plant
US$M
$136.0
-
-
$9.8
$9.7
$9.8
$9.8
$9.8
$9.6
$9.5
$9.5
$9.6
$9.6
$9.8
$9.8
$9.8
$9.8
  
Slimes Tailings Disposal
US$M
$87.6
-
-
$6.7
$6.1
$6.5
$6.4
$6.6
$5.9
$5.4
$5.4
$5.6
$5.8
$6.3
$6.8
$7.0
$6.8
  
Mineral Separation Plant
US$M
$174.3
-
-
$15.0
$15.9
$14.2
$10.6
$11.5
$12.4
$11.9
$11.8
$11.6
$11.6
$11.9
$11.9
$11.4
$12.8
  
General & Administration
US$M
$96.9
-
-
$6.9
$6.9
$6.9
$6.9
$6.9
$6.9
$6.9
$6.9
$6.9
$6.9
$6.9
$6.9
$6.9
$6.9
  
Landowner Royalties
US$M
$59.0
-
-
$9.8
$12.6
$9.9
$1.4
-
$4.0
$5.9
$4.3
$2.1
$6.8
-
-
-
$2.2
-
Transport and Logistics Costs
US$M
$28.7
-
  
$2.1
$2.8
$2.5
$1.8
$2.0
$1.9
$1.7
$1.6
$1.6
$1.7
$2.0
$2.2
$2.1
$2.6
  
Total Operating Costs
US$M
$947.9
-
-
$73.2
$79.6
$83.1
$60.9
$59.6
$72.8
$69.9
$66.9
$63.1
$67.4
$62.2
$63.8
$64.1
$61.3
-
Operating Income before Taxes
US$M
$1,505.2
-
-
$122.3
$172.6
$115.6
$79.2
$100.0
$88.7
$77.8
$74.9
$77.7
$83.0
$110.8
$125.6
$116.0
$160.9
-
Capital Costs
                                      
Development Capital
US$M
$237.2
$42.2
$186.3
$8.7
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Sustaining Capital, incl. Ongoing Reclamation
US$M
$97.1
-
-
-
-
$16.1
-
$2.0
$14.2
-
-
$14.2
$34.6
-
$14.2
$2.0
-
-
Final Closing/Reclamation Capital
US$M
$10.3
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
$10.3
-
Total Capital Costs
US$M
$344.5
$42.2
$186.3
$8.7
-
$16.1
-
$2.0
$14.2
-
-
$14.2
$34.6
-
$14.2
$2.0
$10.3
-
Depreciation
US$M
$344.5
-
-
$67.8
$48.4
$39.2
$28.0
$20.5
$18.7
$13.4
$9.6
$10.9
$17.6
$12.6
$13.0
$9.9
$34.9
  
Depletion
US$M
$437.6
-
-
$27.2
$46.0
$35.4
$25.6
$29.9
$29.5
$26.6
$25.7
$25.7
$26.5
$31.7
$34.6
$32.9
$40.2
  
Income Taxes
US$M
$189.0
-
-
$7.1
$20.4
$10.7
$6.7
$13.0
$10.6
$9.9
$10.4
$10.7
$10.2
$17.4
$20.4
$19.1
$22.4
-
Change in Working Capital
US$M
-
-
-
$12.4
$4.3
($4.4)
($3.5)
$1.7
($0.6)
($1.1)
($0.3)
$0.2
$0.4
$2.3
$1.3
($0.8)
$3.5
($15.4)
After Tax Free Cash Flow
US$M
$971.7
($42.2)
($186.3)
$94.0
$147.9
$93.2
$76.0
$83.4
$64.6
$69.0
$64.8
$52.7
$37.9
$91.1
$89.8
$95.7
$124.8
$15.4


13