Ann: Quarterly Activities Report for June 2022, page-31

I will wait for approvals for Liontown first, then the mobilisation of equipment .... not sure we can believe in the timeframes given what we have seen at Hillgrove and over the years of filling the mill ... and all the other popular industry wide go-to problems nowdays, Covid, labour, weather, commodity prices, equipment shortages etc.

Opencut mining is inherently cashflow draining in the prestripping stage, if it is started before end of year ( it won’t be imo ) Rvr will be borrowing more money. I am not even sure how viable Liontown is given all the mining cost increases, high diesel price and the 107km haulage route to Thalanga .... maybe it will get an operational review as well.

I think the choice of CEO is the biggest factor in the short term .... hopefully not some recycled dud from another failed / underperforming miner. I believe Rvr has good prospects if they can execute a well thought out plan.