Ann: Parks Reef Resource Doubles to 6Moz 5E PGM, page-41

Happy with my $550m capex assumption for now. Had a look at some of Core Tech’s more recent hydromet case studies.

GPM Gold - USD140m for Albion Process - leaching, upgrade.

Hastings - Yangibana Rare Earths - AUD130m for process plant per 2017 DFS. AUD350m by Feb 2022 plus heavy indirects. Acid bake before leaching. 1m tonnes pa ore throughout. More complex than PGMs (uranium etc).

Different minerals but worth a look absent anything else to go on.

Economics of POD’s project will be compelling once we get the met work sorted and it’s not novel, just need to refine and optimise the process in the usual way.