Ann: Corporate Presentation, page-13

When he first mentioned POSCO he lost his breath somewhat ... as if there was some underlying anxiety. However when he answered your question, he said he was very positive about the relationship BUT POSCO are still refining their process. Afterall, there are no guarantees they will be successful themselves. Rodney Hooper has spoken in the past on the difficulties converters face in perfecting their craft, on a mass scale.

Ken was certainly upbeat from the start, stating how our customers were wanting our product. I'd expect a strong sales guidance when he issues the Quarterly Report.

He spoke enthusiastically about Europe overtaking China as the world's largest EV market by sales. He noted the ticker price of an E Golf is now the same as an ICEV Golf. He said because this price threshold has broken, European Battery makers are now "crawling all over China, trying to obtain Lithium chemicals. In turn, China are keen in obtaining more Spodumene/Lithium raw materials from Australia".

I was a bit concerned when I first saw the Corporate Presentation. They said principal repayments on the loan were due Sept2021. The key terms were always 2 years interest only. Fortunately they corrected it before Ken spoke. His presentation at D&D clearly showed Sept2022.

http://www.pilbaraminerals.com.au/site/PDF/8ef0b118-b06b-4b08-8ac4-3ed0a6b7dfbc/CorporatePresentation

Page 9

I'm not sure why they showed Cash as at 30Jun20. I note on Page 7 they state "Maintains strong working capital of $A91.6m". There must be some explaining to do there.

Still, if we can maintain current costings, we can at least be break even after admin and interest. Even then, we have some $200m in tax losses and therefore a future tax benefit of $60m not recorded anywhere.