Ann: Managing Director's Presentation to 2023 AGM, page-2

Terrific! Finally, the rumour mill can be shut down.

Market price is about USD 250 per tonne (Slide 26) AUD 380

Operating cost at this point about AUD 240 per tonne (Slide 17)

Operating margin AUD 140 per tonne

Even if it is conservatively AUD 100 per tonne, the company will have access to $5mln in the first quarter (50,000 x 100).

Ideally that would cover the working capital for ramp up phase.

More importantly, we have confirmation of long-term margin at about AUD 200 per tonne ($380-$180). Times 625kta that's AUD 125mln operating profit.

Assuming 10mln pa overheads leaves 115mln times PE 7 gives AUD805mln valuation. Divided by fully diluted 750mln shares gives $1.07 per share.

A 15 bagger from here.

Let's send it.