Ann: Results of Meeting, page-7

Warehouse stocks are not the indicator to use to determine price inflections in the Ni price, although this a common misnomer. Ni is and will remain sensitive to the steel market activity, which is currently in a slow down phase owing to trade tensions. No recovery for some time, however the longer term is positive owing to the eventual emergence of Ni demand for EV, however this will be weighted to sulfide side of the business.