Ann: Investor Presentation November 2021, page-7

Hi PetrStiff
It is hard for me to speak to the IRR overrall i think 21% is still quite respectable and provides an adequate return and it does not factor in the upside in recent reserve upgrades which should come out in the upcoming updates DFS.

For context when I mention the 10% uplift in cost Im not saying inflation is running at 10% p.a. more that on a multi year time period the total construction costs including labour and materials would surely increase by 10% owing to various border and supply chain issues but without detailed knowledge of procurement processes and disucssions with project managers and suppliers it would be difficult to guage what the team are facing in terms of cost increases. The counter point may be that despite cost escalation we may subsequently see revenue escalation as well and possibly have this reflected in offtake agreement negotiation

Again all of this is speculation

I suspect that there will be cost increases as its always the case with projects like these but ideally be more than offset with a large reserve and pricing

Hope that helps clarify some of my thinking