Price and Volume Action, page-3

Handbrake starting to come off for BKT after a seller has been active for couple of weeks around the 15c zone.

First target of 17c now met today. Once this price level is cleared we will see another run at previous highs at the 19.5-20c mark. Clear this level and 28c-30c becomes the short term target!

Near term milestones that could drop any day include:

- Government FCI being signed off
- Further offtakes being signed with Posco and other groups
- Capex prepayment of up to $20mil from Posco being finalized
- Tanz Investment Bank TIB formalizing their debt funding offer to the company (potentially in the order of $50m - $80mil is my guess)

Any of these being delivered will continue to materially de-risk BKT as they look to bring the project online.

The next milestone to drop will see the share price at 25c+ in my opinion.

Based on the current market cap of $140mil, there is plenty of value to be captured by shareholders as the re-rate to a more comparable % of the project NPV (of AUD $1.6b) will play out in the short term, possibly when the above milestones start to drop. However don’t be surprised if the market / a couple of serious players get stuck in before the milestones drop to get the party started and drive the re-rate before the milestones come now the EV space is really starting to hear up!