Ann: Pilbara Minerals Expands Ganfeng Offtake Agreement, page-31

Profit, even if marginal is value in my mind, i think PLS can weather the downturn. I think we are best positioned amongst peers to reap higher value quicker over the next 3 yrs. Even if spod stays low or goes down to say US600. PLS can handle that for a longer duration. A mining operation can be delicate and our installed capacity, both mobile and fixed will be tuned for 680. If we are not mining at that rate our cost per tonne could go up. Having parked up fleet and underutilised fixed plant in short to mid term. I say run hard, weather the weak prices and reap rewards when spod price recovers.