Ann: AGM Presentation, page-6

This report is not acceptable for a public company.

It starts with how to make pellets and the steel making process. There is a graph which show the wrong period for the share price and volume.

Every matrix of company performance compared with last year, is down by approximately 20%, except the IO price. This is is outside the companies control. If you asked any analyst, this would be deemed an unsatisfactory performance by the directors and management.

The board gives no indication as to what steps it is taking to fix the issues, or to return productivity to previous levels. The company has spent a lot of money in capital expenditure. What are the projected returns on this investment and the projected profits for the half year and full year. They should know as we are 5/6th of the way there for the first half. All the boats have been booked to ship ore for the half.

We have all heard the term, "death by PowerPoint", this is a great example of that. It provides no new information that isn't already in the public space.

It doesn't address any strategic issues, nor does it comment on the progress about JV partners for Southdown.
Where is this at? The property JV is just a distraction using the companies balance sheet.

Wouldn't it be great if the AGM would be broadcast so we could all see what's going on in a webcast. I looked at going, but flights into Burnie for a 10am meeting would have made it a 2 day exercise from where I'm located. We are in 2018 and this should be able to be done for a company with a $200 m market cap. Cost is very small.

The big problem for this company is that the directors and management don't have skin in the game. The directors need to think long and hard about this and rectify the situation.

Come on guys, lift your game.