Banter and General Comments, page-5217

I think it is well understood next quarterly will be bad...but how much it will impact SP is not so easily distinguished

Some key factors are as follows:

* How much negativity has already been priced in (remember, market is forward-looking and every man and his turd knows the quarterly will be bad) and what's the direction of the next move?

* Status of YOP - is it now complete - what is the new cost profile, achieved grade (are we closer to 6% despite all the jumping around that this alone may not be a good metric...it's still a metric) and yield rate (presumably somewhere between 50 and 70%) and what are the projections for 2Q onwards?

* Cash margin figure - this may be a contrived calculation as GXY are very clearly not shipping all of what they are producing - however, the cash margin will be poor considering that YOP benefits probably only kicked in some time in early Feb, and pricing is likely now $200-250/t lower than previously indicated. Guidance on what's the projected cash margin for 2Q/3Q+ may be helpful.

* The messaging around why they are not shipping is going to be absolutely crucial

* Providing some clarity on where they are at with SdV partner selection and IDEALLY some insight/progress, detail, numbers, clarity on when to expect completion. Management's lack of clarity on this front has been rather disappointing. Yes, management are looking after the long term but it still shows a lack of respect.

* Updates on progress with earthworks, front end engineering work, alternative tech trialling

* Clarity on the board reshuffle