Correct current quarter (ie Q3 F22) is circa $2500/t, however Q2...

Correct current quarter (ie Q3 F22) is circa $2500/t, however Q2 FY22 (ie December Quarter) was reported at circa $1595 USD/t which is closer to the $1800/t KB stated previously for SC6%. I also note that by the sounds of it from listening to their quarterly presentation AKE has some longer term priced contracts that may not be as favourable as PLS's.

I recall in recent interviews with KB that they have been able to pretty significantly amend the pricing mechanisms for their contract pricing so that it is based on far more recent spot pricing (say the previous 3 months, instead of the previous 12 months). I would not be surprised if the contract pricing received by PLS is slightly better than what AKE received, noting also that AKE have primarily produced a 5.7% product, whilst PLS will pretty much be shipping 5.9-6.1% exclusively to contract customers, with the dregs (circa <5.5%) being sold on the BMX.

I think there won't be too much action from our quarterly as everyone is pretty much aware of the product shipped and pricing we will receive. The next catalysts in my opinion will be for the below:

• Update on Calix process
• Confirmation of contract pricing mechanisms and anticipated contract pricing for Q4 FY shipments - which should be as stated by AKE north of $2500/t
• Completion and ramp up of old Altura mine to feed the BMX; and most importantly:
• Next BMX auction, which I suspect as been held back for a few reasons: pricing received in the previous BMX was softer than anticipated. CNY shutdowns, and wanting to have a larger shipment for the next auction, maybe a 20,000t package which will really get converters attention. What is the current spot pricing for 20,000t of the best spodumene product in the world when there is no other supply?....my guess $3000/t+

It is going to be an interesting few months that's for sure. GLTAH

Pap