Ann: Response to ASX Price and Volume Query, page-43

With China in a major lockdown it is pleasing to see the iron ore price has stood up so well.

Two factors will ensure the iron ore price continues at these currents levels if not appreciate further.

- China won’t be in lockdown forever and when they are fully operational steel will be one of the main products used to kick start their economy back up. There will be stimulus programs set in place, China can’t afford low economic growth and like I said steel will be the product required to facilitate this economic growth.

- The Ukraine war will be over one day and it is estimated that the rebuilding of Ukraine will be in the vicinity of $100-200 billion.
Thats a lot of rebuilding requiring a lot of steel and shite load of iron ore.

So I can see a big increase in demand over the next 2 years a window in which CZR could be in production by.