Ann: Annual Report 2020, page-43

bolsy, I was thinking that through too.

The announcement says " no delays in FEED". I think SMS is way ahead of us and have factored in this process to coincide with the FEED completion and EIS supplement to be lodged this year. SMS been around a long time, they would have as built plans to accommodate many variations of the proposed refinery cos not only have they built standard refineries for most commodities in their 150 years of existence but they are progressive too.

I am convinced SMS see the Darwin refinery as a model for future iron, titanium and vanadium production. I even bet they got a silica add on for those reserves that are high in that commodity. The link between SMS developments and KfW funding us huge really. At the stroke of a pen they could constrict certain developments on favor of others. PB was very bullish about funding in his 20 min small caps broadcast.

I like you don't want yo see any more delays but I think its all scripted from here on in. We just the audience paying for the box seat that will eventually pay reward.