Ann: Quarterly Operational Update, page-56

In the June quarter AJM’s cash cost was US$369/wmt. And that is FOB, not CIF.

According to AJM, “Operating cash costs include mining, processing, transport, port and site based general and administration costs, but excludes royalty.”

According to PLS, “Cash operating costs include mining, processing, transport, state and private royalties, native title costs, port, shipping/freight and site based general and administration costs and are net of Ta2O5 by-product credits.”. In last quarter there seems to be no Ta2O5 sale?

And AJM is operating at a higher level of plant utilization rate.

If I remember it right, the cost level of GXY was higher than AJM.

So, I would not say these companies have similar cost level.

Note: I have no problem with GXY and AJM, I wish them all success.