Ann: Change of Director's Interest Notice - Brazil, page-25

This is from the announcement on 23rd of October last year... They have talked to progress on developments during their conference calls and they finalised scope on plant design etc some time ago.

Whether federation can truck 600ktpa ore (vs 200ktpa) will dictate if they need to restart Hera or expand Peak... Likewise - if they get the trucking permits but not the plant expansion permits then Great Cobar may not be required immediately as they fill the mill with Fed ores... Which is all as to say - these permits are going to dictate direction the company takes and as they say below is the critical path item.