Ann: Quarterly Activities Report, page-4

Yes, and this bodes well for the future:
’….All but one construction contractor has now been demobilised from site. This has enabled the finalisation of payment claims under those contracts. Based on the continued finalisation of construction costs and the
extended commissioning timeline, the updated project budget for the Kalgoorlie facility is estimated at a capital cost of approximately A$800m, an increase on the previous estimate of $730m outlined in August
2023. This increase in expenditure will be covered from the existing cash balance and accommodated within the estimated $600million capital expenditure envelope for FY24.

During the quarter, detailed engineering, procurement and approvals activities continued for our U.S. Rare Earths Processing Facility. In January 2024, the federal NEPA environmental approval process was
successfully concluded with the issuance of a ‘Finding of No Significant Impact’. The project’s 30% engineering design review was also completed during the period, and a ramp up in procurement activities is now in progress. Earthworks are expected to commence at the Seadrift site by the end of this calendar year subject to all necessary approvals being in place.