Ann: Entitlement Offer Timetable, page-9

AI view of timeline

I wouldnt read too much into it but good to have an outline even if our Board didnt choose to elaborate.

As these milestones progress, Shareprice will move closer to offer price. Current weakness is SPP seller volume and a lack of buyers

Milestone / Condition	Expected Date	Notes
Scheme Announcement (Indicative Proposal)	✅ Mid-May 2025	Already occurred
Due Diligence / Finalisation of Definitive Scheme Terms	June 2025	Shenghe and Peak negotiate final terms
Independent Expert Appointed & Report Drafted	June–July 2025	Can take 4–6 weeks
First Court Hearing (Federal Court of Australia)	Late July 2025	Approves dispatch of Scheme Booklet
Dispatch of Scheme Booklet to Shareholders	Early August 2025	Includes Independent Expert Report
Shareholder Vote (Scheme Meeting)	Late August – Early September 2025	Needs 75% of votes cast and majority of shareholders voting in favor
Second Court Hearing (Approval of Scheme)	Mid–September 2025	Final court approval before implementation
FIRB Approval (Australia)	June–August 2025	Often 1–3 months, longer if extended for review
Tanzania Mining Commission & FCC Approvals	June–August 2025	Highly variable; depends on responsiveness and political environment
Chinese Regulatory Approvals	July–August 2025	MOFCOM and potentially NDRC/SASAC
Confirmation of Valid Special Mining Licence	June–July 2025	From Tanzania Mining Commission
Scheme Implementation (Share Transfer + Payment)	Late September 2025	Final step if all approvals obtained