Ann: Appendix 3B - Exercise of Options, page-7

The path to production is clear !

minimal further dilution, options conversion, MEP JV contribution (further topic of discussion what people's thoughts are - personally I think MEP may opt out and take a royalty otherwise they will have to keep on raising to keep their 25% ongoing), no finance, hopefully no equity stake to customers ( pre payment is OK tho as long as on favourable terms), binding agreements to come, Enviro and port approval a shoe in, PFS DFS decision to mine and then we roll !!!

SA want to fast track mining so I can't see GOVT getting in the way of this

GLTAH