Ann: June 2024 Quarterly Activities Report, page-87

Really solid report, as you come to expect from PLS to be honest. Production numbers a nice surprise for sure. No commentary or any reference to customer pricing adjustments on prior quarter shipments like was seen in the march quarterly. Curious as to what level must the price change for this to take affect? Surely it is not a one way street and only favours the customer?

Interesting to hear Dale say unlikely to pay any dividend. Forecasting the FY25 guidance with the lower production number, higher cost and a March US$800 realised prices, deducting tax and forecast capital at the high end, they would close FY25 with circa $1bn cash. How much is required to take full advantage of the posco JV? Capex in FY26 would be significantly less wouldn't it? They must feel prices will stay suppressed for a good while yet. While referencing that some supply is dropping out of the market, others are still aggressively moving forward like LTR.