Ann: FY22 Annual Financial Results Announcement, page-84

Many newbies forget that most mines were in C&M only a couple of years ago. PLS often get hammered that they don't have a great mine, strip ratios' cost high, bad contracts etc. I think this is very unfair. PLS was a major player that opened up the industry, got the auction going so the opaqueness of the pricing was not longer obscured. Their contract pricing was one of the first and as the terms of these contracts expire they will be much sharper for us than what they are now. In the time that these initial contracts were signed, the miners were price takers, they are now price setters for the remaining of this decade atleast. PLS future is incredible and a real cash cow. Their net profits are approaching $2b pa in coming years and with a PE of a conservative 10, we should travel around a SP of $7.00 in the very near future. AIMO