Ann: Alpha Torbanite Project Update - Test Program Four, page-29

My calculation based on 500000 mt of ore processed pa is bitumen products revenue of $200m based on bitumen grade c170 pricing. I am estimating bitumen products yeild of 25 % by weight. In addition there should be a revenue increase for bitumen grade C600 per the latest GRV announcement. Yes there will significant additional revenue in activated carbon products, maybe $40m or so pa. but we'll have to wait for the PFS to quantify this. And add to that the value of light sweet crude and gas as by products. Way back in 2020/21 GRV was talking 750000 mt pa and higher ore processed, so I think that 500000 mt pa is light on given the 28 mt jorc available. With the Australian bitumen market at around 1b mt pa. GRV could easily target 25 % market share (250000 mt pa) which equates to 1m mt pa of ore processed. Happy New Year everyone, the long awaited PFS is likely to be amazing....