Ann: Aura's Tiris FEED Study returns Excellent Economics, page-9

the CURZON off-take is 1.5mlbs over 5 years. price is 52% at usd$42/lb and 48% at market pricing. so market pricing from 2026-2030 would be??? $120-$150?? more?

this binding off-take can underpin an amount of debt. (rev from this off-take approx usd$120m at $80). subsequent off-takes would have to be with a prepayment as well.

for every 5mlbs of off-take... assume price inferred is $80/lb. that's us$400m revenue. let's say they prepay 20% given it's 2026 production) - $80m

we will produce close to 10mlbs in the first 5 years. would all this be appealing to a utility? you bet! could we get 10mlbs of off-take... why not!

will there be a CR at some stage? not sure... but a small rights issue with 1:2 oppies for loyal shareholders would be brilliant! could be at 5% premium... just my musings.

GLTAH