Not surewhat you’re going on about, so I’ll be...

• Not surewhat you’re going on about, so I’ll be clear.

• Morrocanspot price dropped.

• But actualprices are regional.

• Prices areaffected by supply/demand.

• Supply inthe area is reducing significantly due to China reducing/banning exports.

• China isforecast to continue decreasing/banning exports.

• Demand is increasing.

• We will be sellingto NE Asia.

• NE Asia issignificantly higher at $260/t.

• This is demonstratedfrom companies such as CXM.

• CXM confirmedthey are getting sales “well above” world bank data.

• The aboveis confirmed from companies and market data.

• Worst casescenario – we follow the Moroccan price which is still our base case price.

• Best andmore likely case scenario – we realise price “well above” Moroccan price.

• This ismore likely in the short term when we begin production this year.

Not surehow anyone is getting a different sentiment to this.

This isn’t “desperatepositivity” it’s based on actual data.

All imo,dyor.