Ann: NT Govt Land Commitment at Middle Arm for LFP Project, page-224

Quite simply the price of phosphate at the time made it not viable to produce in Australia. Operational costs in Senegal would of been far more viable at the time but given phosphate pricing was at a 25 year low it would of still been marginal to "start up".

90% of all phosphate produced in the world goes to fertiliser production. China is the largest producer with some 85M tonnes produced annually, given the global push to be less reliant on China I think there is plenty of opportunity for AEV to find markets for the resource in phos acid production where volumes required are set to increase dramatically.

I prefer AEV focus on this market and not the fertiliser market as there are far better growth opportunities moving forward.

The phos acid market is growing quickly and our DSO option of 600,000T per year for phos acid production is nothing can compared to the current and forecast market size.

How big is the phosphoric acid market?

	Attribute	Details
Market size Volume in 2021	45 million tonnes
Market size Volume by 2032	72 million tonnes
Growth Rate	CAGR of 4.04% from 2022 to 2032
Base year for estimation	2022