Totally wrong.1. Cash shown is cash that is also held in escrow...

Totally wrong.

1. Cash shown is cash that is also held in escrow for stage 2. This is not the true amount of cash at bank available for operations.

2. Outlays have a large fixed component. Staff, depreciation, head office costs all remain. Petrol and electricity drop but the majority of costs remain even if you shut down.

3. The stockpile may be rubbish. A consistent message from China is inconsistency of product of each shipment. Very high moisture content & high iron oxide.

4. The plant has shut down not if. It means you can lose critical staff who look to find work elsewhere. The core issue like a car is one you have found one problem many others are yet to be uncovered.

The key issue is that mgmt advised a few weeks of shut down. This has now turned into a few or three months of shutdown.

We were originally told it was due to customers not wanting shipments. Which was clearly not true as AJM was increasing shipments to Ganfeng. The core issue PLS did not address was the plant problem. How really bad this is no one knows but PLS mgmt have lost all credibility not being honest about it.

5. PLS is call capex stage 2 when it is really stage 1 fixing. This is misleading as they are moving costs from operating cashflow to investing cashflow. This is again disappointing and misleading by PLS to shareholders.

6. 60 million cash raise may fall between 25c to 30c. As anyone looking to invest just watched AJM share price collapse 30% to the low in the last two days as a entree into what will happen to PLS share price when it resumes trading.

This is everything that happened at AGO. Where Ken mislead investors into a brick wall.