Ann: Investor Presentation - Noosa Mining Conference, page-60

HC posters - I hope you like this (all IMHO)

PH Preso - well done CEO. Welcome your Preso.

8min 31 sec in preso of PH:
something like initially we were going for a 1.1 mtpa process but its fast becoming apparent that we can better refurbish the entire mill and go for 2.2 mtpa.

My view -
Cool - like nice if PH can let SHs know this.
Looks like POX process is 'fast becoming apparent" therefore.

Board prevaricating
However at 10 min 40 sec PH says 'we'are prevaricating' between the 1.1 and 2.2 options at the moment.

IMHO 2.2 option will mean production in 2 years time when PBT gets up and going.
I guess we are going to POX.

Timeline
10min 53 sec - the 1.1 case will be finished in September - OK SP should rise to Sept. So my hope is - NO MORE DELAYS AND A FINANCE OPTION

10 min 56 sec - the 2,2 case will come not far after that (the 1.1 case) - OK my view is - so no conflict with the 1.1 case - maybe needs some more studies

OK (my view) so come September POS needs to have a shed load of finance sorted (for the 1.1 option) and not just a govt grant funded researcher (for the 2.2 option).


Lake Johnston

11 min 20 sec - Really like this - PH says LJ is like a K-tell stake knife - yes (IMHO) it is and I am uplifted and I still have a K tell knife (lasts forever - yes ). PH picked a meaningful analogy for POS here. Thank you. LJ has a mill and lots of exploration targets.

12 min 11 sec - PH guides that POS will conserve our cash for the BS project rather than spill out on LJ at present. Then will do a FS to bring this in after BS.

OK so lots and lots of confidence in BS project.

Windarra

12 min 54 sec - POS is in advanced negotiations with a preferred partner - so hopefully an ann about this in the next couple of weeks.
But also a large underground resource in Windarra. 12 months to pump out water from mine. Opport exists to truck ore from Windarra to BS.

My questionWho is the offtake finance partner for the 1.1 option? SP will rise once finance is confirmed.