Ann: Maiden Mineral Resource of 880,000 tonnes at Lake Hope, page-18

Great maiden MRE, now for the Scoping Study due next quarter. Main points of interest:

• JORC MRE $3.5 million tonnes @ 25.1% alumina for contained 880,000 tonnes of alumina.
• Potential inground resource value $17.6usd billion or $25.7aud billion based on todays price of $20,000usd per tonne.
• Indicates a multi decade mine life of over 50 years, based on a processing rate of 60,000 tonnes of ore per year to produce 10,000 tonnes of HPA per year.
• Production of 10,000 of HPA per year is equivalent to $200usd million per year or $290aud million per year based on a current price of $20,000usd for HPA.
• Now the MRE has been established the Scoping Study will be finalised and completed sometime next quarter, it will demonstrate the economics of the project.
• The Pre-Feasibility Study will also be started now and scheduled to be completed mid 2024. This work includes metallurgical optimisation test work, baseline flora, fauna and groundwater surveys, and geotechnical, logistics and freight studies.
• Lodgement of a Mining Lease Application next quarter.
• Likely to be a very low cost producer, one of the lowest in the world, as the resource has no overburden, very shallow resource with free-digging operation only one to two metres deep.
• Will require no comminution, grinding, classification, or wet-dry screening. The clay can be dug up and trucked to an off-site processing facility.
• A simple wash and filtration circuit is all that is required for upfront processing.
• A low-temperature sulphuric acid leach can be used which is a generally readily available and is a cheaper acid than others.
• IPT has a Patent on the Metallurgical conversion process of the ore into HPA.

Now for the Scoping Study.