Ann: June 2024 Quarterly Activities Presentation, page-11

The $1000 is for coarse, the pricing for fine is terrible, as SV said their production of coarse to fine is under 20%, if they can't sell the fine at a reasonable price they can't produce enough coarse to justify running the plant. It would appear that unless they can increase the coarse production that the C&M option is the way forward, they are looking at options but certainly the path forward is rather muddy. As SV said they didn't go ahead with some break bulk sales as the price was not there at the end of the quarter.

"Positively, our weighted average sales price was $735 per tonne CIF, with a more significant proportion of high-priced coarse flake in the sales mix."

Andrew Harrington
Okay, thank you. And then, back to Balama, what's the most in terms of proportion of large flake material that you can get out of the plant? Essentially, you're limited by the fact that you can't sell the fines profitably at the moment as I understand it and so trying to maximize large flake makes sense, but what's the crossover point where that's worthwhile to start production if we assume current prices.
Shaun Verner
So, there is a resource limitation and then there's a processing limitation and historically we have averaged somewhere between 12% and 16% coarse flake depending on the mix of medium and high grade materials we're running off the ramp. What we are doing at the moment is assessing whether there is a short-term processing opportunity to materially lift that coarse like proportion and if we are able to do that we will obviously assess the cost and operating parameters around it, but something that we have we have looked at previously, but certainly not in environment where the price differential between coarse and fines was so significant as it is at the moment and that may give us some additional guidance on how we take it forward.