Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-17

Thought the webinar was honest and did a lot to ease concerns surrounding costs. Majority one-offs and then failure to execute on the required tonnes causing economies of scale inefficiencies. They highlighted that there is nothing in the cost structure that has taken them by surprise nor any cost escalation that needs to be accounted for going forward. They are expecting costs to come down significantly as they hit the 7mtpa rate. Looking for sub-$20/t (I think even $15/t cost is the aim).

No surprise to see some strong buying following the conclusion of it.

My guess is we will look back on this in 3 months and think it was a good buying opportunity.