Ann: Corporate Update Presentation May 2020, page-3

Mate,

Next to the US$8/lb, you will notice ***. Look at *** at the bottom of the page and it will refer you to the document released in July 2018. Look at that document and it will tell you that restart will start as long as the price stays above US$7.70 with an FX rate of 0.76 for a while. This translate to AUD10.13/lb. We are currently sitting at US5.52/lb with an FX of 0.64, AUD8.63/lb. At the current FX of 0.64, we only need the price to be US6.48/lb. You will agree that this is not too far off. It would have been much simpler if instead of referring us to some many things, they simply stated AUD10.13/lb. As you see, simply stating US8/lb can be misleading to many.