Ann: Trading Halt, page-57

Good find, this sums up the process exactly. So where did everyone get the impression a BFS was to be released in Q1 22. Did the company actually state this after the release of the interim financial report, or has the expectation snowballed through this forum.

The next mention of the BFS was on 23rd March when announcing the appointment of PwC. Cannot see anything misleading here.

LCK is producing an initial Bankable Feasibility Study (BFS) to progress funding of its Leigh Creek Urea Project (LCUP). Typically, the financing period for a project commences upon completion of a final Bankable Feasibility Study (BFS) and a Final Investment Decision (FID) being taken by the company.

The initial BFS will be further refined during the remaining period of Front End Engineering Design (FEED) and updated to produce a final BFS (scheduled for the end of this year). This entire body of work is being conducted independently by NexantECA.

The Board of LCK has determined the initial BFS will be used throughout this year to accelerate sourcing of the required finance for the construction phase of the project, significantly reducing the time involved in securing full funding. The decision has been made to appoint a senior adviser to advise and assist in securing the LCK component of all funding requirements for the LCUP construction.

It is expected that the Initial BFS will show a sufficiently compelling case for the LCUP and that this will enable banks to progress their due diligence programmes in expectation of the final BFS completion.

Strategic Advisor

As the initial BFS on the LCUP is due to be produced in the first quarter of CY2022 the process of securing the project funding has commenced.

The first stage in securing funding is the appointment of an experienced and suitable strategic debt advisor. For this role LCK has appointed PwC which will assist in providing advice, from the selection of an appropriate investment bank as a first step, through to final settlement.