Joint Statement by Baillieu Limited Chairperson David Trude and Managing Director Gavin Powell

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Fortesque Metals Group (FMG) – Net Cash and more $ coming

Key takeaways: Increase in the FY20 sales guidance by 5Mt to 175-177Mt is a positive. Costs in the quarter were US$13.27/t just over the top end of full year guidance of US$12.75-13.25/wmt, which has been maintained. Implying the that strip ratio will be down in the June Quarter and rive costs lower. Net Cash position at the end of the quarter was US$0.1bn (cash on hand US$4.2bn and gross debt US$4.0bn).

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