Ann: March 2023 Quarterly Activities Presentation, page-63

I think there’s a little more wrong than the demand side. As stated, lower grade and some minor issues with the plant but also inventory issues as a result of lower exports. Through the December 1/4 when prices were higher they went on strike - whatever the reason, management should be accountable on these issues. The solar plant is good but when costs are over sale price at $600+ the $8 saving doesn’t sound that impressive. It’s going to take another 2 years for Vidalia to be at 11t/annum so it will take many years for Vidalia to take significant volume. 45kt years away. So for me Balama is the key short term to turn around and the market needs to adjust to make that possible. IMO if Balama was doing better the market would value everything else going on more so. The DOE loans are a real bonus and the positive with Oz super is it takes short term funding issues away for now. I’ll take a breath for a few weeks and see what’s happening with EV’s and graphite. Should have been more attentive on Asia markets report on china imports but looking forward to the next few years anyway. GLTA