Ann: Goulamina Project Mid-Term Status Update, page-19

Great update, I think the market knew there'd be a capex increase, but was apprehensive as to how much given the PLS & LTR Capex blowouts. Hopefully this settles a few nerves

As Camban said, most of the capex increase was the $25m contingency, though to be fair that means we've already (or plan to) spent the contingency built into the original Capex.

There were also a lot of extra costs not covered in the original DFS which are now covered - a very expansive explanation of these costs in the update.

Hopefully the DSO will cover the extra capex some of which is allowing expansion for Stage 2 - they say increasing the crushing capacity from 2.3 to 4mt pa - I thought that was all included in the original capex?

We're not going to be left with much of an update in the Quartery due tomorrow

My cut n paste of the pertinent parts:

-US$30 million increase in the 2021 DFS capital cost estimate from US$255 million to US$285 million (of which $25m is contingency)

- costs for the Operational Readiness Phase are estimated at US$33 million and cover the accelerated ramp up of mining and plant commissioning activities.

The Operational Readiness Phase is focused on workforce readiness, the ramp up of mining activities, and the commencement of plant commissioning activities to produce first spodumene

- Mining ramp up activities The cost now includes contractor mining costs for related mining activities, including drill and blast, excavating,

loading and hauling and pre-striping of waste to expose sufficient ore prior to commencement of processing.

- brings total capital expenditure from FID to first production to US$318 million.

- 90% of construction package contracts by value already tendered and under negotiation or awarded, effectively locking in much of the supply and construction costs

- Project remains on track for first spodumene production in Q2 2024

- DSO confirmed at an expanded 185,000 tonnes, providing significant additional early funding: first DSO shipments are planned for Q4 2023.

This ore will be available for DSO sales in 2023 and H1 2024.

first shipment is scheduled for Q4 2023 with an upside case of late Q3. In total, 60,000 to 90,000 tonnes of shipments are planned for 2023

Grade control drilling has been completed at the initial DSO pit area and results are due this quarter.

Early indications based on the Resource model are that the DSO is expected to be high grade, in the range of 1.41.7 % Li2O,

- The mining contractor and power supplier tenders are currently being assessed and it is expected that by the end of Q2, 2023,

substantially all of the remaining contracts would have been awarded.

- the ball mill, crushers, grizzly and magnetic separators is now complete, and these items should arrive in Mali commencing this month.

The apron feeder, thickeners, flotation cells and other equipment will be delivered in Q3 2023 ready for installation in Q4 2023.

- the crushing capacity in Stage 1 has been increased from 2.3Mtpa to 4Mtpa. Milling capacity has been increased from 2.3Mtpa to 2.5Mtpa, a 9% increase.

- a further 12 months of construction activities, = end of April 2023

- Mining activities will commence in May 2023 and will supply ore for DSO and the stockpile build ahead of plant commissioning.

- Ganfeng has expressed significant interest to purchase the product. DSO is not covered in the spodumene offtake agreement with Ganfeng

and pricing discussions have commenced and are at an early stage