Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-27

It is becoming increasingly clear to me that management are playing a long game. They are in absolutely no rush to ramp up to full capacity and taking their own sweet time. I guess they think things are manic v doing nothing operationally for years, so maybe we're expecting too much as regards version 2.0

as the case in point -

Production in Q4

down by 1.9% v Q3 of this year and
down 2.2% v 12 months ago on an unadjusted basis.
down by 16% v 12 months ago adjusted for increase in capacity. [assuming no 1 in full prodn for 2 weeks in period]

Grade - v last quarter - down by 2.5% to 39%

and as a producer with largely a single product with a single mine, that's the production KPI's

Also in the context of TAFTA, they have to be going on a consistent and defendable basis. If they play the poor mouth and get a settlement followed by a bonanza period, they run a high risk of thai authorities feeling like they've been done over and being likely / prone to react accordingly.

So maybe gently gently catches the worm and is the best outcome....

On the other side of the ledger, hot copper posters are extremely impatient, looking for all sorts of details immediately.

In terms of protocol, we need to await an operational update as regards No1's performance.

We need to await the year end report for a forecast of FY25 and actual results. Looks like the auditors are looking for an update on NE as a matter of audit clarity, rather than anything happening on the corporate front.

In all probability it will make more sense to sell now and buy back nearer to FY25 Q1 quarterly and the Financial Statements, but that is all about timing the market and that is a tricky act.

Best to just sit tight and hold. - updating my sentiment.

Good luck,

Wazz





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