Ann: TIVAN update, page-24

I consider this a better ann than any of the previous MOUs and LOUs.

Offtake agreements and non-binding deals with financial partners is one thing....

Proving your system works is everything.

TIVAN is the critical path and the elephant in the room. Any announcements regarding TIVAN determine the critical path for Mt Peake. Yes, it seems we're delayed a quarter. But I'll happily trade off a small delay for a management brimming with confidence that TIVAN will be delivered at or above design specs.

TIVAN still contains an element of risk as upscaling does not always go according to plan. Announcements likes today's go a long way to derisking this.

Very happy to hold. I'll consider topping up if the market perceives this as anything other than a positive update.