Ann: Mount Peake Project Finance Update, page-20

This is a GREAT announcement!

Don't stress about KFW's debt target reducing from $850M to $300M. The purpose of an export credit agency is to promote exports, previously SMS were going to provide a fixed price EPCM turnkey contract - as per previous announcements this is no longer happening with SMS's reduced scope picked up by Australian Clough. The export credit agencies will not fund Australian delivered project spend.

We are not there yet but with $600M in concessional govt. funding already pencilled in and strong interest from commercial lenders we are in a good spot to get this project 70-80% debt funded!

With inflationary pressure I am expecting project costs to blow out to over $1B, however I am expecting our product sell price to increase in line with inflation also so no major impact.

Well done Jon Fisher! In a relatively short period of time you are on the way achieve what our board has been promising for years with out success.

Now where is that fresh new Chairperson??!