Ann: Acquisition and Capital Raising Presentation, page-14

The new ponds on 10 mile will not be high cost to build or maintain. You have to remember the main objective here is Reward process R&D. Considering KLL has been dumping waste halite onto 10 mile and harvesting from 10 mile for 2-3 years I don't see why approvals should be necessary or if they are be particularly onerous. RWD will not be increasing brine extraction beyond what is already allowed.

The ponds do not need to be scaled to the original KLL nameplate (90KTpa) but to the initial pilot plant.

The ponds on 10 mile will be halite ponds. RWD has said the ponds will be constructed (side walls) from existing waste stockpiles (dumped on 10 mile already).
As the halite drops out Reward will leave it in situ and presumably extend the height of the bunds. No need to harvest the waste as per the original KLL lined halite ponds. Beyondie brine has the lowest halite concentration in WA, this will work in RWD's favour.

Brine supply will come from extended 10 mile trench. Far lower cost than Sunshine bores and transfer. Trench is relatively cheap and again we are harvesting for R&D purposes not nameplate. Brine supply can be increased over time. It's worth noting that successful trench harvesting and successful on lake ponds (managed by RWD) would both lend support to RWD's KL project.

I don't think the focus should be on when will RWD be producing the original KLL nameplate but rather when can they successfully achieve large scale production using the Reward process. For Reward the growth opportunities aren't limited to what they can do with Beyondie. If opportunities arose elsewhere and if the price for Beyondie was right, RWD could, after demonstrating its process, sell Beyondie. Ruane knows a good deal when he sees one.

The above is why I don't care they intend surrendering all the leases beyond 40km from the plant and thus reducing holding costs. Former KLL CEO's viewed the eastern paleovalley as their future 400Ktpa SOP operation. The ASX didn't like this idea and were right to warn KLL. For RWD 400Ktpa may be achievable elsewhere at a lower cost. Furthermore if anyone else were to jump on the surrendered tenements who will they need for technical help? WA isn't short of abandoned SOP tenements. Reward has a stack of potential growth opportunities as per this presentation, in WA and around the world

I think this is a solid plan. My main question is the cost of the syngenite reactor and its integration into the plant.

Any KLL holders or directors, still scratching their heads and wondering what went wrong, are well advised to read these recent RWD presentations. Much of what RWD proposes is probably what the Kalium board should have done long ago.

I'm prepared to see the SP churn around 5 cents for the next few months. I have long held the view that the RWD team had more than an edge on all their peers. Ruane's confidence, as demonstrated by his financial commitment is strong. Things could start looking exciting in 6-12 months.