Ann: Pilgangoora Roadshow Presentation, page-97

Nice input OZ as usual. You showed some crucial points.

That there was no mentioning of TT at the RRS in Perth is inexplicable. This is not the style of management I prefer and identify with. No mention of TT indicates that nothing is going on in my point of view. Also this should not be the style of management aiming at increasing market confidence and shareholder value. Here in Germany I know some fellow investors which share my opinion.

When I started to invest in PLS in August last year the intention was to get TT online around October. Considering that PLS was worth about one quarter at that time the projected EBITDA of A17,5$ / year looked markedly strong. Now we have mid march and there is still no final permit, even the plant was shut down after commissioning for few weeks.
The current situation with no income in the foreseeable future doesn't consider PLS trustworthier to potential financiers of the mine/potential shareholders/etc. Not to mention the CRs. Anyway, I consider TT online to be an immense benefit to the whole scheme of things.

Having not met timelines plus the debacle of TT is why the SP is where it is and not beyond the 50's.
Of course we all know the focus is on Pilgangoora. But the management need to get TT fixed ASAP, run and generating income also to prevent further CRs.

I don't have to mention that I believe strongly in PLS' future and management, but this are some questions which have to be raised and answered to get things cleared although it's uncomfortable. Silence doesn't benefit anyone.