Ann: Kasiya Pre-Feasibility Study Results, page-6

Sorry, forgot to update position. Sold some on open and after for small loss, still hold some, no big bite. So much of the project now relies on graphite which currently trades about US$600/t or half the PFS assumption. Not big fan of graphite longer term if/as graphite anodes are ultimately replaced by better battery anode alternatives. I like rutile, although at ~600.000tpa global production, Kaysia would add another 35% to global supply which wouldnt do anything for the natural rutile price.

At this stage I suspect RIO's interest is holding the price up. RIO makes this a simple binary gamble imo, certainly with this sort of capex requirements. If RIO gets comfortable with Malawi and the project, graphite market etc, then they probably take SVM out. If RIO gets cold feet and doesn't help develop it, then confidence will be shattered and that funding hurdle becomes a Himalayan mountain...