Ann: MD Presentation, RRS Investor Conference, page-9

For most parts PB just read through the slides not adding v much which was a bit of a missed opportunity.
So I will just comment on what I think was said on top of the slides, or missed out on


I thought he could have talked about the NPV and financial attractiveness of the project, which he didn't

Possible takeovers mentioned twice: in reference to the consolidation in pigment industry where large players are buying their own mines, and in terms of relevance of the KPMG appointment. I take that as a small hint.

we are currently on FEL-3 phase
FEED probably a bit more advanced than 75% - Confirmatory test work was held up by labs shutting down in Germany
SMS to provide final numbers in the next few months.
KfW will need around 6 months from receiving SMS figures to complete their job and lead to a FID, which is expected around mid next year
Confident all the "Looking ahead" points to be completed in the next 12 months

More news to come on green strategies re: Vanadium
TNG Energy earmarked to be its own separate business in the future