ABR - lets be positive

Everybody needs to take a breath.

Honestly imo everybody who’s having a hissy fit have this completely wrong and need to go and draw the original mine plan against what will possibly be the revised mine plan when complete. You will clearly see that this will be a superior offering.

Under the original mine plan -

• Stage 1 (a, b & c) had a capex of $211m with an EBITDA of $81.1m. It ran until 2024 which meant Stage 2 would come online in 2025 (meaningful revenue 2025/26) with Stage 3 online 2028.

Under what I believe could be the updated mine plan -

• Stage 2 will now come online possibly in 2023 with meaningful revenue in 2024 which also means Stage 3 (the reason to invest) and its large revenue/EBITDA will come online earlier.

Wake up!!! The list below is highly likely and a better offering than what we previously had –

• US listing 2021,

• US Government debt funding,

• offtake agreements,

• speciality products attracting 30% margin,

• Superior management and a

• LOM increase from 23 to over 30 years.

How can you not see that the above translates to less CAPEX, greater EBITDA, an earlier mine schedule and guess what? A higher share price.

Opportunity only knocks once.