Ann: New Exploration Intersections Add to Finniss Potential, page-17

G’day mconsult

All IMO

I do not think it’s mandatory.

The offtake agreement with Yahua is for 1 million tonnes of DSO, or (as seen on slide 16 of the Diggers and Dealers presentation, asx announcement 6/8/18), 220,000 tonnes of lithium concentrate. As seen in the PFS based on the current Grants resource, it is expected to produce 400,000 tonnes. So Grants alone can cover Yahuas offtake.

With Shandong, we were told the offtake was for UP TO 150,000 tonnes p.a. for UP TO 5 years. So these details still need to be ironed out. They might agree on 150,000 tonnes for 3 years, 100,000 tonnes for 4 years...who knows? We will find out soon enough.

But IMO, in order for us to be able to deliver 150,000 tonnes for 5 years, I think BP33 needs to experience some growing pains

So if Yahua gets 220,000 tonnes, that leaves Shandong with roughly 180,000 tonnes from Grants. Which means we will need about 570,000 tonnes to come from somewhere. Latest and future drilling at Grants will add to the resource so there will be more tonnes gained from there, but my guestimmation is that for us to be able to supply Shandong with, say, 500,000 tonnes, BP33 might need to be at least 2.5-3MT, or, some tonnes may need to come from another source. Sandras?

BP33’s maiden jorc was 1.4MT. Grants resource more than doubled on its maiden, hopefully BP33 can too

All 100% IMO and guesswork

GLTAH