4m CAD for the option15m on close (30 Sept 2024)22m +12 months...

• 4m CAD for the option
• 15m on close (30 Sept 2024)
• 22m +12 months (30 Sept 2025)
• 15m +24 months (30 Sept 2026)
• can be paid in equity, and we should assume a higher SP in Sept 24-25-26

PLUS...

• whatever it costs to repurpose the mine
• whatever WR1's share is for the Cree road
• presumably some C&M until commissioning
• additional opex to haul ore from Adina to Reynard

FOR:

• a 900m CAD mine and infrastructure (inflation adjusted = more than this)
• and maybe 500m CAD tax credits, see: https://hotcopper.com.au/threads/ann-trading-halt.7928858/page-304?post_id=73170038
• and the opportunity to bring production forward maybe 2 years
• and dropping the environmental permitting risk for Adina

not too bad.

Lucky this opportunity fell into the company's lap, and
Lucky we have as MD one of the few people in the world with significant experience repurposing mine facilities to process spod.