Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-14

“NSW Department of Planning, Housing and Infrastructure has accepted Larvotto’s Pre-

Lodgement Application for modification of the existing consent to include Dry Stack tailings and

expansion of processing throughput to 500ktpa. The NSW government has accepted that the dry

stacking of tailings within the existing tailings storage area is a modification to the current project

consent (permit) and not a new application as would have been required for a new wet tailings storage

facility planned to be located five kilometres from the process plant at Clarks Gully.

The final rehabilitated landform created is not classified as a dam due to its integrity. Environmental

studies are well advanced to complete the technical assessments required for the permit to be

approved.

The use of dry stack tailings is being integrated into the Definitive Feasibility Study.”

LARVOTTO HAS NO IDEA WHEN THE PERMIT WILL BE APPROVED. AND THEREFORE NO IDEA WHEN DFS WILL BE READY.

how is this not misleading the market?