Ann: Informa Mineral Sands Conference Presentation, page-2

Turnkey basis

EPC contract in place for ore processing plant significantly de-risks project execution

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• Engineering, Procurement and Construction (“EPC”) contract in place with GR Engineering Services Limited (“GRES”) to deliver the process plant and associated infrastructure on a turnkey basis

• De-risked project delivery with lump sum, fixed price contract (A$366m) which covers approximately 80% of estimated Stage 1 total development capital costs

• GRES to assume substantial performance and metallurgical guarantees

• Construction ready with completion of 100% of process design, site and plant layouts, general arrangements, earthworks and structural design (includes mechanical and electrical equipment specifications, vendor pricing confirmation, procurement plan and detailed project execution plans)

• Peer review of all design and engineering completed to date• Next steps involve site mobilisation and procurement