Ann: Half Yearly Report and Accounts, page-2

Watershed is a development-ready opportunity that is permitted with granted Mining Leases and an Environmental Authority for an open pit development. All landowner and Indigenous agreements in place and is located in a mining friendly Tier 1 jurisdiction.

Discussions continue with potential offtake partners who are attracted to the Watershed Tungsten Project due to the clean high-grade scheelite concentrate that will produced at globally competitive prices. Arranging a suitable concentrate offtake agreement will be a pre-requisite of non-equity financiers as they will require most of the tungsten produced be sold to a reputable buyer with suitable credit risk.