Ann: GAS PIPELINE EARLY WORKS AGREEMENT EXECUTED WITH APA, page-31

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Have a google of https://www.tzmi.com

TZMI believes saleability of this material will not be an issue based on an indicative volume of 150,000-250,000tpa. Global consumption of sulfateilmenite into the sulfate pigment market is estimated at 3.6 million TO, units (or approximately 7.5 million tonnes) in 2020 with an additional 320,000TiO; units consumed as a feed for sulfate slag production in China. As such,

TZMI is of the view that the anticipated volume can be easily absorbed bythe markerFrom a pricing perspective, TMI estimates that the YIP1 ilmenite will achieve a price of US$140-180 per tonne FOB (real 2020 dollars) in the mediumterm. The range or pricing takes Into consideration the range or elevated V and Cr content that could be present in the Ilmenite, ottset by low re,Uglevels. If the YIP1 ilmenite has Cr,O; and V,O, levels in the lower end of the VIP1 product specification range, a price closer to US$180 per tonne FOBshould be realised.Chinese sulfate ilmenite (46-47% Ti0,) is currently trading at a premium given the tight market conditions, with average prices in the range RMB2,000-2,200 (equivalent to US$307-338) per tone ex-works exclusive of VAT, but the expectation is that prices will