Ann: Outstanding PFS for the Goongarrie Nickel Cobalt Project, page-4

Nothing wrong with starting conservatively.

1.0 Mtpa base case production. › 5,500 tpa of cobalt sulphate (1,180 tpa contained cobalt). › 41,500 tpa of nickel sulphate (9,300 tpa contained nickel).
› Capital cost of A$599 million including A$77 million contingency.
› Competitive industry C1 cash cost of US$0.42/lb nickel metal (after cobalt credits).
 Strong interest from potential EPC and offtake partners.
 Definitive Feasibility Study (DFS) programs underway.
 Upside options being assessed, including higher throughput/shorter autoclave residence time, multiple parallel trains, mineralised neutraliser optimisation, and scandium production.
 Goongarrie reserve is less than 5 % of the total Kalgoorlie Nickel Project (KNP) resource, confirming the project’s potential scalability.