Ann: Letter to Shareholders, page-25

For a simple operation with low technical risk (e.g. DSO or basic processing), binding offtakes could potentially be signed in the context of a scoping study.

In part comes down to how rigorous the study is and appetite for risk.

Of course a full DFS is lower risk for both producer and offtaker, but the approach can be accelerated.

Independent resource estimates and rigourous testwork / trials from a bulk sample are key inputs to mitigate risk ( for producer and offtaker ).

Mine design for a simple quarrying operation should be straightforward. Key is an M&I resource and hence clear understanding of mining grade.

If DSO or simple processing then there should be low technical complexity for any onsite processing required.

All IMO.