100 day countdown (#4), page-12

Hi Zeb. I see your qualifying this statement with an IMO so wanted to ask reasons for the view?

As little as a week ago the September date was confirmed to me by the CEO. A couple of points to consider as to why the September date should be achievable:

• WA is coming to a "normal" state of operation in regards to Covid and so whilst still causing staffing issues it's not as acute. Vaccine mandates are becoming thing of the past although I think most of the miners still insist on them.
• Seaborne costs ex Asia have come down from USD$10 000 /40ft container to now around $7500 and still dropping.
• Commodity prices are dropping and in conjunction with freight prices on everything imported into the country is falling, although still worth remembering the prices are still elevated they are dropping.
• WA labour demand is high however the biggest mining projects in WA have either been recently finished or are well advanced. I refer to BHP- South Flank, Rio Tinto - Mesa A and Mesa J as well as Gudai-Darri, FMG - Iron Bridge and Albermarle - Kemerton. All of these large scale projects had a massive number of construction and commissioning workers who will be able to take on any new projects (side note is these projects have taken up a large number of workers to run them) With the drop in commodity prices - if it is sustained it will surely taper the development plans of some projects that will be deferred when there is a better macro environment. Could be ours included but who knows!

Like everyone invested here the delays have been frustrating and IMO the reasons for them haven't at all been well communicated which is by and large why we have such an unsettled retail investor base.

As a final ,unrelated side note and referring to institutional investors Eden Asset Management in their most recent market update indicated they had sold out of their position in POS but retained PAN, OZL and MCR amongst others.