Ann: BMI Conference Presentation September 2019, page-15

Thanks for the note on Jeff - I didn't think to look at his background.

Reading his bio, he isn't really the type of project financing guy that I was talking about. While he has worked in 'finance' the listed areas of experience at EY aren't much to do with project funding. The project funding advisors typically have worked in project debt in banks for a lot of their recent careers and know the tricks and hooks that the finance providers can infuse into the funding package to better their return (at the expense of the project and the shareholders). They also know the current debt market intimately and know who is lending in the specific space, what their appetite for risk is and who they can get together to fulfil the total funding need. Also navigate the offtake agreements and make sure the subordination is structured correctly.

This stuff doesn't appear to be Jeff's background and he certainly isn't current in that field. He looks to be more of your generalist corporate guy that has corporate and commercial input at Board level to temper the resource professional members. You need these guys - but they certainly aren't the guys on the 'finance and commercial' tools.

Agree on the ZEPOs, they are a good deal. I think some are tied to project milestones, but the cost base shouldn't be zero - should be linked to the share price as to align with shareholders. Atlas had ZEPOs from memory.....

Anyway, we are up 12.5% today!! I don't think it is unrealistic for the asset to be valued (EV on market) at A$50M - that's a 5x from present. Lots of value to be had. That of course doesn't reflect what the real value of the asset is - would be well north of A$100M.