Ann: Kwinana Supply Agreement, page-27

The issue is project funding + the respective build times of each project. The path to securing funding for Kwinana and bringing that facility in production is clearer and will be quicker than what can be achieved with Epanko. The dilemma that we have is that in order to secure funding for Kwinana we need to demonstrate that we will have a reliable source of feedstock - unfortunately Epanko doesn't offer us that right now... hopefully in the future.

In a perfect world Epanko would be in production by now. Unfortunately, that reality is still at least 2 years away, which is why we can't wait on that before proceeding with Kwinana. The economics of both projects stack up on their own and are not dependent on other, although being fully vertically integrated still has to be the ultimate goal... at least it is for me!

Anyway, we checked another box today... And it was a really important one!