Ann: Faraday Mining Proposal Lodged, page-16

I agree Dave, especially with looming global stagflation and the adverse affect it could have on commodity prices. Steve Norregaard is a well known figure in WA mining circles with thorough expertise in underground metalliferous mining, including nickel. A positive outcome for the Feasibility Study on Armstrong is a fait accompli in my view. I will be ropable if the FS is not completed during the third quarter with a final investment decision by September 30. What would ideally follow is cutting the portal in Q4 and hitting first ore in Q2 of 2024.

What Norregaard is not known for is lithium mining and processing. If we had a medium or high grade deposit then I'd want Norregaard to pursue the lithium opportunity in parallel with advancing the nickel assets. Unfortunately Faraday is low grade. Claiming it's discovery was "an early Christmas present" for shareholders was an error of judgement.