Ann: Supplementary Prospectus, page-119

Hi @morgarama, good to see new posters dropping in... You are not the first to post here and have felt the need to comment on yours truly...Not sure @Balduran can offer a lot when doing a comparative analysis...

Lindi stands head and shoulders over other projects hoping to come online...These same projects have not been able to establish funding pathways after years of trying...Inflation has just increased projects by some 30% in CAPEX and now a 16% FCI in the mix for beneficiary projects while downstream processing just copped a similar tax...

These projects have a poorer basket price and higher processing cost per ton product... processing cost divided by grade tells the story mathematically...A project requires higher grade, not poor grade.

Processing cost per ton unit is stagnate to grade...

Processing cost per ton unitUS$27.56 / 15 % = US$184
Processing cost per ton unit US$27.56 / 17.9% = US$154

Processing cost per ton unit US$ 27.56 /23%TGC = US$120

Epanko 5% TGC

Processing cost per ton unit US$27.56 /5% = US$551 See the processing cost going up when running poor grades thru Lindi plant...Not to mention the extra tailings at the back end...The lower strip ratio demonstrates they need to run more material thru the plant for lower yield ton for ton...

Regards Croc (70% complete months from practical completion...)