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Ann: Black Swan Restart Project Update, page-3

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    Black Swan Restart Project Update 12 July 2022KEY POINTS
     Solid progress being made on Feasibility Study
     Combined underground high-grade and open pit disseminated Mineral Resources of 29.8Mt @ 0.69% Ni for 206kt nickel contained
     Mineral Resource update and other developments underpin opportunity to study utilising the maximum available plant capacity of 2.2Mtpa
     Preliminary metallurgical testwork demonstrates amenability of concentrates produced from both serpentinite and talc carbonate ore types to pressure oxidation for refinery feed
     Internal preliminary economic assessment supports various restart options
     Continued strong interest from potential offtake parties and financiers for Black Swan restart
     Discussions continuing with Pure Battery Technologies on offtake for their proposed Kalgoorlie refinery
     Direct shipped ore option shows sub-optimal economics
 
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