Ann: White Cloud Kaolin Project Scoping Study, page-2

These are some eye watering numbers,

Scoping Study Highlights
• Life of Mine (LOM) approximate financial metrics:
• LOM revenue of A$3,600M
• LOM EBITDA of A$2,340M
• Cashflows (pre-tax) for LOM of A$2,222M
• NPV (8% discount rate) (pre -tax) of A$705M
• IRR (pre-tax) of 113%
• Assumed funding of 50% equity and 50% project finance
• Initial payback period of 12 months from commencement of
production

• Study baselines:
• 25 years LOM on current Indicated Resources of 26.9Mt of bright
white kaolinised granite <50% of the resource total
• Hydrous processing plant with initial processing capacity of
500,000tpa producing 200,000tpa of refined kaolin products
• Estimated capital costs including pre-production costs of A$68M
• All in Sustaining Cost² (AISC) of A$256/t with an anticipated selling
price of A$720/t (ex-works)

All figures are approximations and have been rounded to reflect appropriate levels of
confidence.

Well done SUV BOD and all LT holders (that makes me laugh, SUV are not even a year old yet !!).