RE SEVENTH SHIPMENT, page-12

Little negative sentiment to navigate today. Just a FYI
Iluka Resources gets a new bear in UBS after the miner's stock rose around 20%since the start of this year despite an increasingly murky outlook for mineral sands."The market was surprised by Iluka's headline sales volume miss in 1Q (down 46%year-over-year)--despite resilient mineral sands prices--adding to our concern for theoutlook," says UBS, moving to a sell call, from neutral. UBS cuts its forecasts formineral sands prices by 1-7% across 2023-2027, citing growing headwinds to China'sproperty market and a weak global macro backdrop. In a note, analyst Levi Spry says thisbleaker outlook for the commodity price results in a 5% cut to its 2023 EPS view, alongwith a 27% decline in 2024 and 40% drop in 2025.

Unlikely helps STA today, but looking longer term, its year one of 37. They are producer now so quarterly updates is what they said. Maybe we get one more for the June shipment. No cash issue, making money. Relaxed.

China will be cutting RRR today and expect more substantial stimulus soon. I will just keep nibbling, they are getting +$1000/tonne at the moment, ramping up and tweaking the high margin product as we debate about a once a month current shipment.