Ann: Presentation to Mineral Sands Conference 2021, page-5

So what changed between last weeks presentation on 10 Nov and yesterdays presentation on 16 Nov??? In general it appears to be a positive story. Volumes across all products are up, and so are prices, with the added benefit of a growing rare earths business.

The biggest unknown is the likely closure of SRL. In the TZMI presentation of 10 Nov, SRL was included in Slide 6 on 'Operational Settings', but with a footnote that a 'decision to operate beyond January 2022 pending'. However, the reference to SRL was removed from the equivalent Slide 3 of the 16 November presentation. The market may have inferred from that that a decision has therefore been made to close SRL (though I feel 90% of investors knew that was likely and it was already factored into the share price following the announcement in May (when the share price fell from ~$8.80 to ~$7.40). In any event, they had subsequently announced the restart to SR1 which would replace SRL's contribution to the business.

Feel's a bit like an over reaction to me.