Ann: Transaction Update, page-139

The clear winner as demonstrated by TMT (FLSmidt) and Largo that conventional processing has the best opex economics.

AVL only need patented processing due deal with their oxidation is my understanding.

The recoveries you quote are in isolation.

End to End recovery for TMT was 72%.

End to end recovery for AVL 74.2%.

AVL end to end is marginally better but based on opex costs their are other significant costs which contribute.

AVL patented flow sheet is not better as an argument it’s required to make their processing work.