Investor Call 9 August 2024, page-163

We do need to assume that even if they signed a contract with Liebherr very soon, it will take quite a while to see the first machine delivered. It's not as simple as just picking up the blueprints / specs, order part and just build.

Unlike the other construction equipment they currently make, which are big powerful machines with precision at the "operating head" not being critical (eg. scoop of front end loader does not need to be positioned mm accuracy) and are not automated machines. Hadrian X's are likely more complex machine lower tolerances and new tech internally to delivery the automation & high level of accuracy. Will no doubt need hire new technical expertise. Very different from anything else they make. Expect for the first few machine they will be on a steep learning curve and these will take a while to get the first few out.

I'm hoping they they sign nice and early. Whilst they are talking about manufacturing the first 20 in Perth, that in parallel Liebherr (or whoever is selected) is manufacturing their first machines. Allowing them to start delivering some of the 20 Hadrian X's. This way the 3rd party manufacturing will be in the position to really ramp up volume at the 20+ trigger.

At this stage I'm happy FBR are planning to make the first 20 Hadrian X's as this at least gets some supply going whilst a 3rd party comes up to speed.