Sorry I’m just trying to get this right in my own head….Ann:...

Sorry I’m just trying to get this right in my own head….

Ann: Appointment of PwC as Strategic Debt Advisor - Release Date: 23/03/22 09:49

“As the initial BFS on the LCUP is due to be produced in the first quarter of CY2022 the process of securing the project funding has commenced.”

Herald Sun –NeuRizer to release IBFS - Release Date: 30/03/22 17:51

Ann: Pause in Trading - Release Date: 31/03/22 09:47 requested by NRZ?

I did see on HotCopper that the anticipation was for the release of the BFS? Did posters mean IBFS?

Referring to the PwC announcement it was always going to be the initial BFS (IBFS) if anything.

Ann: Trading Halt - Release Date: 31/03/22 10:51

“The trading halt is to assist the Company in managing its continuous disclosure obligations as the Company expects to make an announcement to the market in relation to the NeuRizer Urea Project.”

Ann: BFS Update - Release Date: 01/04/22 16:16

“NRZ aimed to release the results of the IBFS to the market, however is not permitted to do so in

accordance with regulatory requirements and is required to wait until the final bankable feasibility

study is completed. We are disappointed with this outcome as we wanted to update the market.”

So essential we can gather that the IBFS has been completed as advised in the first quarter and I assume a final BFS (scheduled for the end of this year).

The IBFS and subsequent final BFS is being conducted independently by NexantECA.

My question is what are the regulatory requirements that don’t allow the disclosure of the IBFS?

The final BFS scheduled for the end of this year has the timeline for this changed?