PROVISIONALLY PRICED SALES:

3 Months Ended

Mar. 31, 2016

NOTE 5 — PROVISIONALLY PRICED SALES:

At March 31, 2016, the Company has recorded provisionally priced sales of copper at average forward prices per pound, and molybdenum at the March 31, 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 March 31, 2016:

	Sales volume (million lbs.)	Priced at (per pound)		Month of settlement
Copper	141.0	$	2.19	From April 2016 to July 2016
Molybdenum	14.5	$	5.55	From April 2016 to June 2016

The provisional sales price adjustment included in accounts receivable and net sales at March, 31, 2016 includes a negative adjustment of $6.8 million for copper and a positive adjustment of $3.2 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.