Ann: Ohmgebirge Scoping Study Conference Call Details, page-8

Notes from the call....

Ian read through the key points with the presentation as supporting information for those on the call. Probably took about 10mins to call out those points before moving to questions. Here's some Q&A

Was Chris Gilchrist's departure a company decision or personal?

• Company. Search underway for the replacement, expect that the data within the scoping study will allow them to obtain relevant talent, hope to close this out this calendar year. No rush, waiting for the right person

Energy cost assumptions

• Recognised that energy in Germany has gone through the roof. Assumptions for gas were elevated from last year's prices but below current. The gas was one of the largest factors in opex. Assume that there's a greater level of stability in Europe by then

Are you worried about your cash levels when you've got about $6m but need $600m USD capex?

• All options on the table. Have a clear approach to PFS/DFS/funding but would listen to any options
• Would consider offtakes but believe that this is a conversation for much nearer the time. Believes you risk spilling value at this point when inviting discussions now
• Takeovers could occur
• Listing and funding within Europe remains a possibility

Near term costs and capital raising

• Approx $15m needed to take through PFS and another $15 for permitting process
• $300k/mo burn rate
• Not concerned about funding these activities over the next 2 years. Wouldn't state when capital is required (Note: no publicly listed company would!), but it's not urgent and options continue to deliver an income stream

Timelines

• Confident with the scoping study timelines and don't see opportunity to expedite. Permitting process in Germany will be carried out to the letter of the law, so it's expensive and time consuming
• No notable negativity in the area about taking this to mine. Some NGO discussions, questions about truck traffic, but generally strong support including the PM of the region
• German government not expected to expedite as there's plenty bigger challenges, but equally expected to be supportive, so long as the correct legal processes are taken

Drilling

• No further drilling required to take Ohmgeburge through to DFS, 89% already indicated. The majority of the remaining resource in the inferred category is in the northern end of the project, and would not be required to be uplifted / accessed until Year 17+ of mining
• Each remaining license area would require 2 datapoints and therefore 2 holes to uplift. Likely next area for this would be the southern part of Mühlhausen combined with Küllstedt. To uplift these together would require 3 holes

I didn't get to ask about fair value / directors buying - it closed before I could enter for another question.

My take.... this is tricky. I'd be tempted to throw my entire super at this and enjoy an earlier retirement... I still believe that this is an inevitability, not a probability.

As for my current large holding, I have a Hold recommendation for what I have but I maintain my Buy because I still think it's cheaper than it should be. Progression from here will be attritional but real. I think we're experiencing a serious lull in interest for SHP combined with retailer angst and decreased SP and no impact from the scoping study, alongside the long timelines. We will need some bigger scale interest in order to achieve that.

A few brokers on the call asking questions, Euroz to name one but I forgot to write down the others