Ann: December 2021 Quarterly Activities Report, page-45

Hey mate, anyone who has read any of my limited posts knows that I am not a downramper, in fact have been a holder for longer than most around here back in the tabba tabba days, and when people people thought there was no water in the Pilbara….

Simply stating that on face value of the quarterly there are some things (such as unplanned showdowns, cost escalation and production reduction) that may appear not great, however obviously the pricing we are now receiving more than counteracts this.

Not down ramping at all, simply stating the facts, all I am saying is that there is still opportunities for continual improvement for PLS, and whilst prices continue to rise we are obviously in the box seat, and hope to see production/costs return to where they should be in the coming quarters.

Pap