Ann: March 2021 Quarterly Update and Appendix 4C, page-10

I estimate that for every pearl harvested and sold in 2021 H1, the business made about $40 in revenues. But on their website, the company sells directly to the retail market at jewellery prices of up to $3000 per item. So the potential upside from expanding global online retail sales is enormous. So even if the harvest remains at about 550k pearls per annum, there is almost unlimited scope to multiply revenues, by devoting more resources to growing retail sales in particular. And the company has acknowledged that growing its online presence is central to its plans to improve margins.