Ann: HPA Pilot Plant Optimisation Exceeds Target Grade, page-27

From Beer @ Co

If FYI is able to secure aninvestment for a 25% stake at 75% of the NPV, with guaranteed off‐take for60% project finance, then FYI's net share is about $A 425m (US$ 506m at0.700 is $A 720m by 75% is $A 540m NPV for FYI share, less $A 115m debt).FTYI will need some near term working capital so will have, roughly, 260m

Q) With the above exert from the report – does that accurately represent the deal you are trying to secure?

Roly “no, not necessarily. That was their thoughts entirely - but we are looking at traditional and non-traditional financing structures that may be similar. There are other options such as off-take financing that will also be included in the mix - so it is a bit difficult to say at this stage what structure will prevail. Which ever way - we will make sure that it is not shareholder dependent (requiring a very high share price - although this would be nice)”