VOTE NO AGM 2023 RESOLUTION 1-5...... NO, page-326

I'm considering a sale at a loss if there is no improvement in the near future.

Thats a decision only you can make but put the current BOD ranting aside , do the sums based on the latest sales guidance from the Company taking into account the OTA requirements ,also the current spot price, which is still falling,( note PLL only got $US1624t which is a discount to current spot price) and figure out what the likely profit would be if they remained that way for the next 12months ( also baring in mind there is no way of knowing what the average price we will recieve in AUD's over the 24FY ). The BOD have no say on the concentrate price or the exchange rate and they are by far the most relevant issues at the moment.

After doing that ask yourself should I realistically expect our MC of $850m to be higher than it is now and if you are prepared to wait it out if the answer is no.

The issues around the BOD, while very relevant, are a complete distraction from what drives the shareprice of a producer IMO and a change of BOD will have very little if any immediate effect on the shareprice as it doesn't change the bottom line, its more about issues that are years away from that.

As it stands our EPS is shaping up to be below 1c or a net profit below $100m with the obvious potential to be higher or even lower. For me that simply doesn't justify a higher shareprice/MC without seeing evidence of a sustained rise in the spot price of concentrate and recovery rates unfortunately, but that's not to say it can't change in fact Im betting on it but have no particular timeline on it...

Cheers Whisky