Why are we all holding? Maybe because of the...

Why are we all holding?

Maybe because of the below?

https://hotcopper.com.au/threads/ann-investor-presentation.7102219/

Sconi Project - Overview
▪ Tier-1 nickel-cobalt-scandium asset in Queensland, Australia
▪ Clear pathway to production of Nickel and Cobalt Sulphate with potential of
Scandium Oxide
▪ Offtake Agreement in Place with LG Energy Solution and in discussions
regarding amendment and collaborative partnership
▪ Targeting agreement with a Strategic Collaborative Partner to fund the Project
to financial investment decision (FID) by 31 March 2023
▪ Close to major infrastructure, including the Port of Townsville, with access to
experienced labour market
▪ BFS completed in 2018 and mine plan updated in 2019 based on new resource
estimates
▪ Large proven Resource 30-year project life, low strip ratio open pit mining,
2mtpa HPAL
▪ Opportunity to expand current resource at Sconi with further drilling
▪ Approximately 5-6 million high performance EVs3 can be supported from
Sconi‘s Nickel and Cobalt resources
▪ EV/Resource (A$/NiEQ t) of approximately $36 compared with other ASX listed
peers which are valued at a median EV/Resource >$207 A$/NiEq t – represents
attractive exposure to battery metals thematic.

Sconi Project - Transition to Sulphate Production
✓ Lowest cost quartile with a 30+ year mine life
✓ Potential to expand the current Mineral Resource with additional targets
identified
✓ Potential to add value through commercialisation of Scandium by-product over
time.
✓ Transition to sulphate production maximises value of project
• Enhances ability to source funding with strategic collaborative partner
• Provides access to higher levels of debt capacity
• Sulphate provides stronger economic returns for all stakeholders
• Current nickel in MHP payability has impact on cashflows that would
undermine the project’s debt capacity
• MHP less attractive.

Sconi Project – Strategic Pathway to Final Investment Decision
✓ Discussions underway with LGES about sulphate product and strategic
collaborative partnership targeting 31 March 2023
✓ Update to BFS and integrate findings from ongoing test work and technical
studies
✓ Completion of Environmental Impact Statement to secure Environmental
Approvals and support FID
✓ FID expected in 1H FY2026 prior to initiation of sulphate project construction
phase
✓ Continued strong Government support however due to revised timetable;
decision made to not renew Prescribed Project status and terminate Jobs and
Regional Growth Fund at this time.

All in my opinion and not investment advice.

Do your own research.

I did the colour fill ins.