Ann: Notification of cessation of securities - MGU, page-7

Ok some comments on the new set of performance rights .

First of all I think the timelines are very confusing and basically contradicts the recent investor presentation,
for example the BFS is scheduled in for year end or early 2023 in the investor presentation yet the expiry date for the performance rights is 1/06/2024 or 18 months later, thats one hell of a buffer in my opinion .Surely they can trim this back a bit ??

I dont see anything in there regarding a construction date for pig iron plant build .
And nothing in there for project financing , which would be major milestone in my opinion.

Class 3 and 4 , long term supply of Biomass and offtakes are both MOUs and not binding , this is a bit weak, MOUs arent worth the paper they are written on, I would like to see these changed to a binding agreements.

I dont understand what class 5 means, signing a LOI with a strategic partner to progress a DFS ?? what is this DFS for as its not outlined in the investor presentation , wont the BFS be complete by the end of this year or early next year ? so where does this DFS come in to play .