Ann: Quarterly Exploration and Mining Activities Report, page-17

A few things I noted which stood out in the quarterly and I thought would likely result in a sell off. You picked up on two in the video, and I think it's slightly misunderstood. But maybe you will cover it later. I didn't get to watch the presentation and call after, so many some of this was covered maybe not.

1. Spod concentration was low - 3.8%

We saw this at Mount Catilin with Allkem, sometimes when they go through pre-stripping, they will use lower grade ore to supplement the process. While prices are high, this make economic sense. Given prices have come off recently, it makes perfect sense to sell these stockpiles when they otherwise may not be able to for such a high margain. Once they get through the pre-strip will see high recoveries and high quality spod being processed and with any luck prices will be higher again. This looks like a strategic decision to me, and should not be interepreted as the ore body being low quality or worse than anticipated. It sounded like you gave that impression in your video.


2. Delays, labour costs increases etc

We see it every quarter, it's almost expected given the labour situation in W.A. Every project is ramping up slower and costing more. However, thanks for sharing your local insight give us some anecdotes of what its like. Any on the ground supporting evidence like that you can give us is greatly appreciated. So thanks.

3. Lower revenue from Wodgina.

Allkem commented on this in their quarterly update, and it's very comforting to see both of them in the same boat. ALB are responsible for selling the chemicals into the market, not Min. Allkem held back their uncontracted product because they are confident they will get more in the short run. AKA they aren't playing China's game and will simply hold back the chemicals and materials until the market pays what they are worth. Min look to be in the same position.



Again, this is good for the long run returns for Min, sure doesn't look as great in the quarterly but why sell your limited product 50% below what you are likely to be able to get in a few months time? Not worth it.

4. Iron Ore.

Huge tick, nothing really material to comment on

5. Mining services

Haven't seen it go backwards, ever? Is this a trend or a short term issue associated with labour and projects as suggested. This is not the main growth drivert of the business, but it does have great margains and has been a steady annuity like stream for the business. We probably won't know if this is a one off until the next quarter.