Ann: $12.7m First Tranche Funds received from Stellantis N.V., page-9

My understanding is that most of the ore is in saprolitic clays, meaning to get good recoveries out of the heap leach AXN will need to crush and agglomerate the ore, adding additional opex to the front end of the processing plant. Very high levels of sulphuric acid are required to be produced on site requiring significant levels of sulphur to be brought to site each year. The proximity to the rail siding makes all this possible, however the cost of the acid plant including consumables and logistics adds to the opex (and the caped to build). Given the acid plant creates immense levels of heat the acid plant also produces the site's power supply so some give and take there, however more complexity than a gold plant of similar throughput. There are 2 separate trains running at the back end for the cobalt and the nickel. The HL vs HPAL equation all works on paper IF they manage to get consistent recoveries out of the HL, which will be the key to the ramp up. Homogenous stacks in the HL producing consistent leach kinetics will take some time to perfect. The proof work will need to stack up in the DFS before anyone will throw funds at this, hence why Stellantis is wading in with a low cost option. We'll see how it all comes together. In my opinion, this is the perfect timing given what is happening in the US and Europe with respect to transition metal supply chain funding to get this project off the ground. There is plenty of inbound interest in these projects at the moment, mainly as an ESG-led option against OEM backlash on Indonesian production.