Ann: HMW Project Achieves 1,000t LCE Contained Inventory, page-34

Hi Mondy

From stage 1 PFS this was the Capex

Total capex without contigency is US103m. I assumed that since the build is 1/3rd through and they are trying to find savings that the contigency amount would be less likely.

They said in todays anouncement that 33% have been spent so that leaves around US$70m required. I assumed the ATM and current cash balances and expected future savings will bring this down to only requiring a further US$60m (I was thinking it is conservative).

That is just how I understoof the anouncement today on already spent 33%. Happy to be proven wrong in my thinking.