Ann: Addendum to 2023 Notice of Annual General Meeting, page-7

Talking about the scoping study and recovery rates.

The importance of high recovery rates using HPAL cannot be overstated. The NPV due to capital cost is going to be a bummer in my view but if analysts see the recovery rates affording healthy feed stock then we get a big tick as @roblun has suggested numerous times.

Also if the NPV and IRR are not great the analysts should factor in the the other 50% of Mt Thirsty that GAL has.

I don't put much weight on the scandium and it is not included in this study anyway so the capital cost should not factor in a scandium circuit.