Ann: Quarterly Report - January to March 2022, page-63

WW is UG and technically challenging due to the deep weathering profile that causes geotechnical issues and a large reduction in reserves. There is also a gas pipeline and other mining infrastructure owned by the majors at surface that will eliminate any OC opportunities unlocked by the current high product prices. It will be very difficult and costly to bring into production. Need lots of further drilling - Carabella's exploration was aimed at dressing up the project for sale rather than mine development.

The MCM project is similar to the coal deposits in Mozambique - you are looking at a 20-30% practical SHCC yield and a overall 50% saleable coal yield. The railway has capacity limitations and the domestic thermal market (Eskom) for the secondary thermal product is more than 500km away. Why do you think Rio sold the Moz assets at a massive loss?