DDay, page-10

The Facilities have a seven-year tenor and, in conjunction with the Equity Raising, provide funding for the
Baralaba Expansion.

The Facilities remain subject to the parties entering into definitive documentation,
and drawdown is conditional upon:

1. Cockatoo being granted regulatory approvals to increase production to 3.5 million tonnes per
annum at the Baralaba Expansion;

2. Cockatoo entering into off-take agreements for at least 75% of production from the Baralaba
Expansion, subject to term and specification parameters;

3. Cockatoo having sufficient financing to fund development of the Baralaba Expansion (in
conjunction with the Facilities) to a P50 contingency;

 4.JFE's continued commitment to proceed with the Baralaba Expansion, or otherwise to the
satisfaction of the lender; and

 other conditions precedent typical of a project financing of this nature.