Ann: Appendix 3Y Change of Director's Interest Notice - G Kerr, page-18

Taylor DFS is due December Q, of which 18 days remain.

Both DFS and FID are dependent on the level of support the US Government is willing to provide. It is openly supportive of Clark's Manganese-rich production, yet I have heard nothing on government assistance for Taylor's Zinc - also listed as a Critical Mineral.

Holders will want S32 to self-fund Hermosa from FCF. Mr Market thinks this measure is out of reach, or if you like, pricing S32 as though it was.

S32's Hermosa is the first applicant under FAST-41. This could be the wise old cows pushing a silly heifer through an electric fence.

The unceasing driver of S32 is commodity prices. A few years ago it was pumping cash, bought Sierra Gorda with FCF. There has been an uptick in prices recently, though too little, too early to claim good times are back.

Ash