Ann: Investor Webinar, page-10

in effect, the sunrise nickel cobalt project has not received funding, there is little funding for nickel/cobalt outside of indo. Still expecting the US/ battery manufacturers to eventually come to the table, more likely a battery manufacturer as they complete factories in the US, but at this stage no firm commitments, so keeping optionality in the ground. Nearly admitted they misread the market completely, which they have.

Cobalt is heavily oversupplied, but for any Nickle chemistry at least some element of cobalt is needed to stablise the chemistry so underlying demand remains

Still banging on themes re Indo environmental impact, Chinese involvement, Sunrise perfect for IRA, but cannot get a commitment at this stage and waiting on clarification on FTAs whether indo included, what foreign ownership laws etc come in. Trump likely to not change IRA

The scandium project will be a separate standalone project, couple A$100k to do the DFS and couple months. Investigating offtake with a number of partners, not firm.

Has enough cash for next 12months, spend on sunrise done, looking at options to fund Cloncurry exploration and capital options if required for extra earn in as drilling brings results.

Just returned from Europe with Friedland, Robert still heavily involved apparently.

Clearly pivoting to Cloncurry and the smaller scandium factory given inabiltity to convert equity investment into Sunrise...needs to convert an offtake to get it going.