Ann: Fremantle Conference Presentation, page-5

Hi M Wilson.

You have gone quiet recently, good to see you resurface.

I don't have access to my spread sheet unfortunately. I arrived at the beach yesterday to find my 2yr old Imac had died. Not a good environment for such devices. The sea breezes, ozone levels , sound of the surf rolling in and the scallops, snapper, fillets , yellow fin tuna and freshly shucked oysters at marble bar with a little tipple from the hills and valleys in SA are ample compensation fortunately.

Great to hear cash flow is starting any day.

Unless there are some pleasant surprises to offset the fall in CU price and the escalation in costs since March last year when the ES study was done a 1c dividend this year or early next may be way to ambitious.. Might have to sell a few shares on the highs to fund the extravagances while we wait.

Based on the ES assumptions the forecast was for a payback period of 9 months from free cash flow emerging for the $25m Cap Ex which will be free cash flow.The $50m every 6 months after that is where the dividends will come from IMO..

I'm expecting the first dividend after 1st Half 2025. Unless Lachlan continues to over deliver.