Additional Sources of Development Finance, page-13

If Lycopodium delivered the project control estimates to LPD at the end of December 2021, then when should an Ann about project financing be expected?

There'll be some back and forth to check the assumptions and calculations. Binding OT agreements are not executed in isolation from potential financiers. Likewise, we can assume that potential financiers will have access to the project control estimates to challenge and undertake sensitivity testing.

Given that we're probably dealing with:

• Cornerstone investors (through Jefferies);
• Banking consortia (through Lions Head); and maybe
• Sovereign wealth funds (through Lions Head or direct)

then there are a number of moving parts that need to settle before the final control estimates will go to the BoD for approval.

In FY21 the BoD met 5 times, so the finalised control estimates may not come up for board approval before the February meeting (assuming there were no meetings held in Dec 2021 or Jan 2022).

There may be some morsels in next week's quarterly report, but the main course may not be until early/mid February 2022.