Ann: Investor Presentation, page-19

There was a site visit to WL on Tuesday for offtakers and financiers. I spoke to someone who attended who suggested that the mumble was that one of the Swiss based majors is the front runner for offtake and finance. Presso says funding partners to be selected in July and we also have the potential strategic asset level investment process running as well. It could end up being a mixture of offtake linked finance plus some % asset sale. Remember that Traf committed AUD100m in offtake finance just for the SS development a few years ago. I think people, including Bell Potter, who are wary of a capital raise are dreaming. Bill will have more than enough commitments from multiple sources. When this funding strategy is finally announced, along with FID, I would anticipate a strong re-rate on a re-start time line and no capital raise.