Ann: FY21 Results Presentation, page-37

Well listened to the call.

Still learning about ORE but overall fairly pleased, though a few comments:

1. A little evasive with some questions - Maybe commercial in confidence, did not Use Simon enough.
2. Its not all rosy, issues with shipping from SA will cause a decrease in sales in current period.
3. Pleased to hear that Sept Contracted Spot is $1000 CIF. Mt C is going to be the cash cow for AKE for a while still.
4. SDV Funding from Debt and cash on balance sheet, NO off take payments, so they will benefit fully from the pricing increases forecast. PLEASING TO HEAR.

An investment in AKE has potential huge returns but there is a lot to get right or that could go wrong. Like I say, best not wear rose coloured glasses.

Need to get my head around their finances, in particular taxes SA.

One last thing, I have to say, quality of the call, sound in particular was very poor. I understand people located around the world but seriously guys up your game here. All over the show, sounded like Martin was on a 2002 Nokia. Thats my bitch over.

GLTAH