Ann: Extension to Voluntary Suspension, page-11

Hello. OK. The $2m withholding tax is within the AISC. It makes little difference.

The eDFS Update uses "basket pricing of US$1,731/t finished product has been applied".

The "Stable State EBITDA (after year 5) US$M, real $364" obviously refers to post-Module 4 production of 347,000tpa. Total capital costs for all modules was forecast to be US$510m, i.e., currently AUD$797m. They propose to pay for Modules 2, 3 & 4 out of cashflow.

Therefore, the present matter is getting financing to pay for US$182m Module 1.

If I read the last presentation accurately, the current BKT basket price is $1,050/t rather than the $1,731/t used in the eDFS Update.

If BKT received $1,731/t for Module 1, the annual cash flow would be around US$61m. But at $1,050/t, it is around US$27m.

Lets see what news we get.