Ann: C4 Iron Ore Deposit - Stage 2 and Production Update, page-39

It all comes down to interpretation I guess, and it seems like we are interpreting the same message differently. This is what I see:

"GWR expects to ship at least twice per month from that point on which will see it on track to complete its 1MT Stage 1 production target by December 2021"

The target of stage 1 was 1MT, in no specified timeframe. This line is telling us we will hit the stage 1 production target by December.

"GWR has executed an agreement with a large privately owned haulage and logistics group to partner with it and to enable GWR to underpin its haulage operations to the Port of Geraldton."
"The daily haulage tonnage to Geraldton continues to increase and extra capacity continues to be secured with volumes now approaching 3,000 tonnes per day which exceeds the company’s target of approximately 2,700 tonnes per day"

These comments are not part of the stage 2 update - this is the part of the operational update. This tells me the new contractor is working with us now which is why we are nearing 3000 T per day.

"GWR with its Alliance Partner Pilbara Resource Group (“PRG”) are now planning to significantly expand production activities, including mining, crushing and haulage and are negotiating the terms for Stage 2."

This is telling us they are discussing expanding all aspects - including haulage - for stage 2. If we are hitting 3000 T a day now, I would expect stage 2 will be higher.