Ann: Fenix Achieves Three Million Tonne Production Milestone, page-10

Hi Mal,

Always good to hear from you.

Actually the Reserves as at 30 June 2022 were only 5.6Mt. Resources were a more robust 8.3Mt. Check the Annual Report.

My calcs:

- Ãpprox 8Mt as at 30 June 2022.
- Production of about 1.5 wmt per year (for 1.3Mt dmt).
- So therefore you would expect that as at 30 June 2023 the remaining resources be approx 6.5Mt give or take (do the math 8 minus 1.5?).

The "at least" is because I am always an optimistic kinda gal and like to think they will find some more of the stuff over time.

And, Mal, please pluck your own orifice. You seem good at it.

Good luck.

J9