Ann: Great White Kaolin Project Update, page-2

Great White Kaolin Project Advances Towards Mining Approval and Operations

Summary

• Great White Kaolin Project declared a New Mine for royalty determination purposes under section 17A of the Mining Act 1971 with a consequent reduced state royalty rate of 2% to apply on minerals produced to 30 June 2026
• Mining Lease Application submission is on schedule to be submitted in February 2021.
• Definitive Feasibility Study (DFS) progressing steadily with various options being evaluated that will maximise returns with minimal risks.
• Origin Capital Group appointed to assist with Bankable Feasibility Study (BFS) corporate finance considerations.
• Meetings with identified customers in progress to formalise offtake agreements.
• Progress made at the Camel Lake high-purity halloysite prospect with an initial site inspection of targeted areas conducted with traditional owners and anthropologist.
• Halloysite nanotechnology funding efforts doubled to include eighteen research areas to be undertaken by the University of Newcastle’s Global Innovative Center for Advanced Nanomaterials (GICAN) through Natural Nanotech Pty Ltd, a jointly owned entity with Minotaur Exploration.