Ann: Sunrise Project Update, page-21

Sunrise is a globally significant asset for the EV industry. It has the ability to supply key battery raw materials to 1 million EV’s per year, equivalent to $50-$75 billion in EV sales per year.

If you have to spend money to make money, look no further. The development capital cost for this multi-commodity refinery has increased to US$1.99 billion or a staggering AUD$2.84 billion using the AUD/US $0.70 exchange rate.

The IRR will be respectable with a very healthy revenue in the order of AUD$1,068 million per year (is this correct?);

• Nickel = 21,286 tonnes at US$21,900/t Ni = AUD$666 million per year
• Cobalt = 4,351 tonnes at US$59,500/t Co = AUD$370 million per year
• Scandium = 9,600 kg at US$1500/kg Sc oxide = AUD$21 million per year (subject to development of Sc market)
• Amsul = 60,306 tonnes at US$130/t = AUD$11 million per year

The release of the PEP by end of September will confirm the above estimates and other financial metrics for the project hence re-enforcing its global importance of being a source of key battery raw materials for the next 40 years.

Only negatives are the 3 year timeline to 1st production from signing of the EPCM contract and the ongoing dilemma of project funding.

The share price is struggling and hovering around $0.15 at midday trade, but in theory, it represents a great long term buy opportunity at current levels.

Today's announcement does not inspire anyone to rush out and buy the stock.