Ann: Investor Presentation - Brisbane Mining Conference, page-151

Binding Term Sheet stated - "Phase two: - "Subject to a positive investment decision planned for 2022". It doesn't state when Construction of the demo plant will occur.

From the last quarterly - 31/1/22 - It doesn't actually state when the investment decision to proceed with Phase two will occur. It simply states - "Subject to a positive investment decision in Phase 1" That's more of an omission rather than a change to the schedule IMO. I note it also does not state that the Demo Plant will actually be built as part of Phase two. Again, I think this is simply just an omission / oversight i.e. just another example of poor communication.

Brisbane Mining Conference presentation - 24/03/2022 - on slide 10 it clearly states FID Dec. 2022 and construction of Demo Plant thereafter. This aligns with the Term Sheet, albeit at the last available opportunity in 2022. But, it is possible that it occurs before December.

In summary, I don't think there is a change to the 'timing' of construction of the Demo Plant. Whist the language between the Term Sheet and the Quarterly changes, I think some of the rationale for this, is informing progress. The Term Sheet contains purely forward looking statements, whereas, the Quarterly also states things that have already occurred i.e. past tense e.g. "incorporated" and "tested".

This is my assessment, for what it is worth.

It is also noted, that the gas regulator fault would have impacted the schedule somewhat. Pilot Plant trails also took a little longer than expected, but then we made up some time by only needing three of these. Schedules are an indicative guide, and its not a major concern if some 'slippage' occurs. Better to get it right the first time, and have it take a little longer, than to rush it and screw it up. Rework to be avoided at all costs.

GLTAH!