Ann: Change of Director's Interest Notice x 2, page-7

Thanks cobalt play.

FCC faces a steep capex challenge in funding the Iron Creek mine + concentrator, and Cobalt Camp refinery. It is quite capable of advancing both simultaneously.

It is still drilling to prove the IC resource, so a DFS remains some time away.

The refinery study is due quite soon. We don't know if it is to be reconfigured to process muckpiles or simply to restart with processing biased toward Co, including perhaps toll refining.

It is also possible drilling at CC may reveal veins attractive enough to trench-mine to feed an early refinery restart, even if the resource is modest in size.

That is a lot of 'ifs' and uncertainty and explains recent share price weakness.

You compare FCC to e-Cobalt, which is beginning mine construction without full financing so has problems of its own - its share price is down too.

Expect volatility!

Ash