Ann: Organic growth strategy and equity raising, page-7

On an assumed average rig count for FY22 I took 91.....they have 97 on the books(?) to take account of mobilization times & maintenance. Perhaps my 91 is an overly aggressive figure. My assumption was that mobilization costs would be subsumed by increased contract rates (indicated) but especially increased shift numbers (which was also confirmed in the release). It could be costs are increasing faster which was also alluded to but the worst manpower inflationary costs while industry wide are mostly centered in WA at this time where they no longer are operational. Can't confirm any of these things until the annual results are released. Thankfully the retail offer is open until Sept 6th so the results & investor/analyst call should be well before then.

The other thing I'm considering is the business has morphed very quickly from a metallurgical coal faced to business to one (very) predominantly servicing the gold industry. There's commodity exposure risk that's increasing.