Ann: HPA Project - 99.999% plus purity repeated, page-17

The feedstock used for the process is local so transport costs should be negligible or even nil. Another company A4N which also uses industrial feedstock, which may be different, is building a pipeline to deliver the feedstock into their plant.

The HPA if shipped overseas is likely to be sold on an FOB basis, which means the buyer pays for it. The countries to which we will ship the HPA produced have to acquire it from overseas. In other words, they will need to bring it in from other countries so we are unlikely to be disadvantaged.

In summary, whilst transport costs from Australia to other countries have increased, they have also affected other countries in a similar manner. This will change over time as the supply chains are being unblocked and may not affect us at all by the time we start producing at scale.