Ann: MOU Executed with MSI for Toondoon DSO Kaolin and Bauxite, page-3

Positive step in addition to the cement play

DSO is inexpensive for ZEO (dig + transport) and very profitable

To put some rough numbers (conservartive) to it:

	DSO Type	Total Volume (5 Years)	Indicative Price Range (AUD/tonne)	Indicative Gross Sales (AUD)
1	Low-Iron Kaolin	800,000 tonnes	$150 – $250	$120 – $200 Mil
2	Pink Cosmetic Grade Kaolin	150,000 tonnes	$500 – $1,000	$75 – $150 Mil
3	Bauxitic Clay	1,500,000 tonnes	$30 – $80	$45 – $120 Mil
4	Total	2,450,000 tonnes	—	$240 – $470 Mil (est.)

This is "on top" on the cement opportuenities!