Ann: Springdale-Collie Integrated Scoping Study, page-7

Total capital cost has increased by about $24m for the CSPG plant vs the April 2023 DFS, no change for the USPG plant. So overall cost for the BAM facility = A$341.5m and for the Springdale mining and ore processing operations = A$75.7

Average annual revenue A$238.1m vs A$260.7m in the April 2023 DFS (using current exchange rates).

Increased cost of the BAM facility combined with the reduced revenue has resulted in the IRR dropping to 30.5% (41% in the April 2023 DFS).

Given the price pressure due to China's games and inflation I'm quite happy with this scoping study for the integrated mine to market scoping study.

Springdale mining and processing appears to be a bit dearer than I'd have liked however to have 100% control from mine to market is definitely worth it, and it is still cheaper than importing graphite according to the study.