General Discussions, page-4200

Evening RNU Holders,

A glorious and unexpected announcement from Management this morning with PSG Recoveries increasing from 60 to 65% following the completion of large scale Commercial Test Work by our consulting partners. Another key point was that a small portion of our PSG falls within the below 10 micron size which receives a 20-25% premium over the 16 micron PSG.

Considering the two points raised above and requests on the Bird, I have updated my own personal DCF that I posted over the weekend.

Following healthy discussion from Rise and Scarpa the past few days, I do wish to highlight that I have made several assumptions within my DCF Model. Mainly that All fine, medium and large flake will be utilised as feedstock to the PSG plant, with Jumbo flake concentrate being sold as is (3.5% of product mix).

For the PSG Sale Price I have assumed that 80% will be 16um at a sale price of US$4,312/t, I have estimated that 20% will be <10um at a sale price of US$5,174/t (20% premium). This results in the total weighted average for PSG of US$4,484/t. I look forward to seeing the price forecasts in the upcoming DFS revision as this can have a significant impact on the project financials below.

My Estimation utilising the various assumptions I have made results in a Post Tax NPV10 of US$1.93 Billion or AUD$2.64 Billion. Our Current Market Cap today closed at AUD$397M.

GLTAHs in the weeks and months ahead