Ann: Excellent Nickel Extraction on Black Swan Concentrates, page-31

Well Done PH, some news finally
but its ho hum as market already knows our ni concentrate is top shelf low impurity.

What market wants to know is if the MST Access report is accurate & the economics as to-
- AISC $3.97 uslb
- production 9600T in 2024 as MST states or 16kt -20ktpa as you stated
- $50M cash offtake with Trafigura or BHP
- when FID issues and whats the DFS/BFS terms
- what is the average grade 0.8% or 1.5% and what blend is planned?
- when is dewatering, mill refurb, production and mining starting & will it be stalled again
- what deal with PBT & how long it will take to build this battery plant (likely 3-4 years)
- what offtake deal in the meantime
- when LJ will restart after BS starts, 12 months or 24?

The offtake being finalised in months since last December 2020 is now 12 months overdue.
Today we hear more talks with the offtakers & term sheets issued but not revealed to market!
Is it $50M, 5 years, 16ktpa supply at 14%,
they must be chomping at the bit & demanding ore supply NOW!

"The Company has recently provided a number of interested parties including smelter companies, traders and battery manufacturers with a potential Black Swan concentrate specification and some guidance around possible production volumes. We have already received indicative terms from most parties contacted which we are using for preliminary financial cashflow analysis. We will maintain dialogue with all interested parties as we progress with the Bankable Feasibility Study and seek more definitive terms once we have completed the metallurgical test work program and have a more accurate production schedule"

why the SECRECY AGAIN & AGAIN?
Release the maths & moneybag calculations, the market wants to know & see the moneybags.