Ann: Updated Port Gregory JORC Mineral Resource Increased by 23%, page-69

The ilmenite pricing was unrealistically outrageous, which goes the point of management's pricing credibility. Simple.

RDG may have just hit their 130ktpa garnet production at Lucky Bay by June 2023 (new product for market to absord). RDG are actively applying for Stage 2 approval to lift up to 300,000ktpa garnet production.... another 170ktpa for market to absorb.

Nordic Mining should start production around end CY23, adding another 180ktpa garnet for market to absorb.

Westland Mining in NZ is up and running in 2023, adding approx 20,000tpa garnet Stage 1

There is 500ktpa new garnet supply from 2023 for the market to absorb right there, and the global garnet market is under 1.5Mt... 30% increase in supply is a hell of a lot for any market to absorb, even under optimistic demand growth scenarios

Talk of Indian mineral sand mining resuming (garnet elephant in the room) after government suspended beach sand mining in 2016. Don't worry, i'm sure the Indians will keep twiddling their thumbs instead of reducing supply chain risk and actually replacing imports with internal economic development. Good luck with your 'alluvial' garnet sweeping all before it lol...

Cheers