Ann: Drill Results Confirm Major HMS Discovery at Rosewood, page-130

Hello. I knew about them; including prior to administration. Low grade HM, mostly ilmenite; similar to what Iluka mine in SA at Ambrosia, although Iluka's ambrosia has 50% of STA's (low value) ilmenite and 200% of STA's (high value) zircon . I'm not sure why STA's opex was so high but obviously lots of equipment problems per their FY24 annual report. I can't work out their costs exactly (because they have not separated the depreciation from their costs) but it looks like around A$1,200/t for 2024 (if i divide cash expenses by tonnes sold or if i estimate & deduct 1/20 of plant cost from the expenses). Obviously nowhere near their forecast A$361/t operating costs and a complete disaster. But, as I said, STA has a very low grade deposit.