Ann: Quarterly Activities and Cashflow Report 31 March 2023, page-36

Next 15kt parcel for Yahua expected to ship end of July. That sounds slower than some people expected here?

Hi Harry yes there has been a lot of spruiking going on regards shipments, but ramp up is not a fast process and its why the Company arranged pre payment to help cashflow. The shipment in July for Yahua is now 80% paid for so there will be no more cash untill the following shipment , probably around Aug/Sept. So nothing new and of course there is always the possibility of an earlier or a bigger shipment.

Great report, things are ticking along and they have recieved a very good price for the Spod which is the main thing.

At a guess the will get to nameplate at some point in the second half of this year , shipping and payments will start to normalise as will production costs and we can then get an idea good this cash cow can be.

The main takeaway for me is they are well cashed up, ramping production and getting good money for their concentrate, you can't ask for a lot more than that...

Cheers Whisky