Ann: Federation Funding and Project Update, page-34

The recent BFS allocated $3.5M for development of Federation in the current calendar (?) year, leading to ore production in the next calendar year. AMI free cashflow is around $1M per week, and cash reserves of $36M (my current guesstimate) can easily fund Federation. AMI have already deployed underground miners from Hera to Federation. They are driving, on top of the richest base metal mine Australia. I believe that they are under one hundred meters from the location where they can start extracting highly mineralized ore. My sense is that this developmental process should only take a few months?? The BFS forecast annualized EBITDA that may exceed / double $75M. Commencement of this cash flow has IMHO advanced into the current calendar year???

This also speeds up the development of additional Cobar mining assets