Ann: OZC INTENTION TO ACQUIRE MORE IMAGE SHARES, page-18

I was interested in your statement that there would be 40K of inventory available to sell during the period of no production.

The Annual Report page 14 says:

" Total HMC stocks increased only marginally from the end of CY2020 to the end of CY2021 and
remain near minimal working levels of approximately 50kt (including HMC storage pad bases)."

The latest guidance has CY2022 production of 200-220 kt and sales of 220-250 kt.

That implies a further run down in inventory (of 20-30 kt?), presumably to the minimal working levels.

I do not see where your 40kt of inventory comes from.

They could run stocks down completely so there are none awaiting shipment or in transit, but that hole would then need to be filled from new production before any sales could be made. There would thus still be a gap in sales.

What is your take?