Ann: Response to ASX Price Query, page-7

Yes it would take more than an uplift in coking price to get us out of the mess we are in. First we have to win the court case then raise $ to pay L& M then we have the Biden affect with the Lithium boom that's about to arrive and the USA Govt move back to join the Paris climate accords which could put pressure on all coal burning Nations. Our local NZ coal sales have been very good but being able to hold our overseas clients could be a big challenge going forward with competition from other countries. One only has to look at Mongolia who land coal at China's border for $76 a tonne made up as $26 to mine $32 to truck and $18 rail and border charges. Their truck movements have been 800-1000 a day although with Covid that number had been down to 100. Bringing L&M in with us in a form of partnership and double production while we can. Lets hope it works out good for all shareholders, just my view Danny/22