Ann: December 2020 Quarterly Activities Report, page-50

I normally don't respond to goading with serious responses - but as you mentioned you too lost out on AJM I just want to warn you of the reality in which PLS is in and the importance of obtaining diversified offtake agreements.

As per your request ACGM, here are some true figures for you to divulge.

http://www.pilbaraminerals.com.au/site/PDF/31d5aeea-03f4-4060-9f0f-c1507981099e/2020AnnualReport

It is all in the annual report if you dont believe me, link above.

Operating costs are around $354 -450 USD /wmt* ( im being generous and we will go with $350)

So that is why you see fluctuations in the quarter in addition to things like cyclones covid etc, it makes sense to keep production down if there is no demand.

NOTE: the figures often leave wmt to dmt conversion out, so you have to work out if it is dmt or wmt and do the math.

1 m3 of wet sand is roughly 1,6 t or 1600 kg. Aka 1 t of wet sand = 1 t/1,6 t/m3 = 0,625 m3.

So Total wmt ore mined in 2020 excluding waste was 812,142 @ 500 AU per wmt.

Total operating costs 2020 - Four hundred and six millionseventy-one thousand! $406,071,000

Annual report states the below

In 2020 PLS shipped 12 cargo loads of spodumene concentrate @ 116, 256 dmt

Sale price was $84.15M

Total Offtake agreements totals 390,000 dmt – obviously not being honored when we only shipped 116,256

POSCO 80,000 dmt per annum
Yibin Tianyi 75,000 dmt per annum
Great wall 75,000 dmt per annum
Jiangxi Ganfeng Lithium 160,000 dmt per annum

Conclusion - PLS is operating at severe loss!