Ann: Annual Report to shareholders, page-3

Interesting read:

No 5000tpa pilot plant, going straight to 25000tpa. One of the key requirements of obtaining govt funding for expansion to 20,000tpa was to successfully construct and commission the plant. Looks like they may now need to reapply for funding again based on change of plans?



Any thoughts of construction commencing any time soon is now out the door. Also explains why no news on the option for the site. I bet they now have extended the option for another 2 years

Before they proceed with FID on 25000tpa the following needs to happen:

- GRGR to provide updatedcapital estimates and expansionoptions for the Project.
- Seek further approvals from council
- Sign binding offtakes
- Meet conditions for govt funding
- Raise capital for shortfall of construction

IMO construction now unlikely to happen until late 2023 early 2024.