Ann: Tomingley Debt Restructured, page-105

agree to apoint:

1. This option may not work as well as with ASM as such euphoria may not be around as the one we saw with rare-earths when the apes thought China will be cut out of the supply chains by next Tuesday and every next Tuesday thereafter until they all capitulated.
But if geopolitical risks keep going up this scenario may play out well. For now I don't think there is any value in this option - but hey I could be wrong.

2. Agree 100% with only minor point the 5Mt scenario is really pointless - 160 year LOM and very low production with much higher AISC. If they did 10Mt, 20Mt and 25Mt scenarios would have been lot better considering the size of the resource and the grade.

3. agree as long as ALK does not play too hard to catch.

4. That depends of what results ALK produces from the last drilling and their willingness to keep drilling. Otherwise, the deposit is not growing. But I do hope ALK will keep growing it at slower rate so they don't overspend - just enough to show there is growth potential so a major is willing to revognise that and pay premium.

5. agree 100%. again, it will come at how ALK negotiates the JV and if they are keen to explore all options.