Ann: Company Presentation, page-37

Notwithstanding the ongoing EPA saga, for a project that is supposed to be producing in 12 months, I still find the lack of clarity around binding offtake agreements and a clear logistics pathway to export a bit disturbing.

Usually at this point, you have signed offtakes with a condition precedent that they're subject to FID. You'd also equally have a clear agreement with a transport contractor like Qube etc, and the Port.

This is not some small operation. Moving 2Mtns a year is significant - if you look at the other customers with whom VRX would share a berth with, their volume is about 4x what Iluka export through Geraldton, 10x what GMA Garnet ship, 13x what Strandline ship and 20x what 29M ship. In fact, VRX's proposed volume is greater than these other customers combined.