Ann: Strategic Review Update, page-266

LT holder sitting on a pile of red like many with CXO...We need a new CEO for sure because I don't think he is up to it... but on this one I actually don't mind this strategy. Pilbara did exactly the same thing 3-4 years ago along with others. CXO don't have the scale that PLS has though to move the supply/demand equation, but when you tell customers that if they don't pay a fair return, its staying in the ground...that gets them nervous. If CXO cant get what they want on spot contracts and factories wont pay a fair margin on hedged or forward offtake style contracts then the only real strategy the producer has is constrain supply, preserve cash and wait for the factories to start scrambling for drying up supply like they did in 2020. There will have to be others looking at this now at current prices. Its why its a commodity market....ups and downs. Think the bigger question though for Gareth is how come this low cost production mine operation with high class spod close to its customers cant be profitable at $1000 per/t. Maybe the move to St Georges terrace in Perth should have been delayed until your making money....go put your steel caps/high viz on and fix your operation instead of playing corporate shmoozer...