Ann: Delay to reactor fabrication, page-24

Very disappointing and I would not rule out industrial sabotage as HZR has the potential
to be a game changer.I think the Chairman with his reference to challenges and unknowns
said it all.

At the AGM the Chairman said
"The Project has encountered a number of challenges, some due
to its first-of-kind nature and the large number of unknowns carried into the design phase, some triggered by
the restricted operating environment and increased costs for skills, equipment and materials seen across the
market."

At the AGM the CEO said."Reactor module fabrication is awaiting finalisation in China with power shortages causing additional delays to final heat-treatment• Reactor scheduled for transport to Australia at end-December; but delivery may be delayed due toChinese logistical difficulties"