Ann: Quarterly Activities Report, page-14

72% recovery rate is alright ... I suppose.

I read sometime back that shipping freight costs have skyrocketed, sometimes doubling.

So while at first sight the cash operating costs seemed disappointing at USD383pt, the increase was a combination of factors including higher shipping costs plus a higher AUD:USD exchange rate. When expressed in AUD, the quarterly cash costs haven't changed much at all. In fact, if it wasn't for the increased shipping costs our cash costs may have reduced ~5% in AUD terms.

The cash at Bank impressed me at A$112.1m including letter of credit for late Mar21 shipment. The Spod price received on this shipment of USD655pt was very nice indeed.

PLS BOD still doing due diligence on the POSCO JV.

A mention of Stage 2 expansion, the FID dependant on the POSCO JV FID.

Resource drilling ongoing. Maybe some preliminary results soon.

ALO acquisition still having engineering assessment but decision in coming weeks.

Onwards and upwards.