Ann: 1Q 2018 Operations Review, page-2

The underlying performance is well below nameplate production and not improving even taking into account the rail disruption.  After 4 years, ore mined is only 81% of the designed steady state production of 13.5 mt a Quarter and therefore production will only be about 81% of nameplate production.
Management need to tell shareholders if that is all we can expect given there are no targets.  Are they are still ramping up production and what can we expect to acheve?   Are recovery rate of HMC a problem? Has the underperforming dredge reached it maximum throughput or can we still achieve the missing 19-20% of design ore production?
Management have not kept shareholder informed about the really significant performance factors in my view.

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8
0	Commodity	1st Qtr Production	2nd Qtr Prod & Nameplate Production	3rd Qtr Prod & Nameplate production	4th Qtr Prod & Nameplate production	1st Qtr Production	Qtrly Nameplate	Annual Nameplate
1	Ti Slag	Ramp up	49.2 kt 86%	53.2kt 92%	50.7kt 88%	34.0kt 59%	57500 t	230000 tpa
2	Pig Fe	Ramp up	20.1 kt 80%	20.6kt 82%	20.8kt 83%	14.2kt 57%	25000 t	100000 tpa
3	Ilmenite	99400 t	126030 t  88%	140713 t  99%	126298 t  88.6%	104104 t 73%	142500 t	570000 tpa
4	Zircon	11688 t	16203 t 76%	17271 t 81%	16400 t 77%	15805 t 74%	21250 t	85000 tpa
5	Zr  sands	7179 t	2927 t	5235 t	4846 t	6599 t		Not in DFS
6	Rutile/ Leucoxine	2154 t	2384 t   63%	3074 t  82%	2392 t  64%	2737 t 73%	3750 t	15000 tpa
7	Ore mined	11661kt	11793 kt	11234 kt	10374 kt  -8%	10900kt 81%	13500kt	54mt
8	HMC prod	140.5 kt	204.5 kt	196.4 kt	183.7 kt   -6%	189.5 kt