Ann: PFS Presentation - Beharra (Update), page-10

In the PFS document it states "Labour will be sourced from the nearby towns of Dongara and Geraldton removing the need for onsite accommodation". This might be ok for ops personnel but probably not for construction - the trip from Geraldton is too far and Dongara won't have construction personnel or accommodation to house a sizeable team from Perth.

I don't see any detail in the Capex on the directs and I directs.

I don't see any $$ or mention of bulk earthworks or civil costs and I haven't seen anything for off path tailings storage to start the mine off with before inpit disposal can commence.

The capex breakdown was not detailed at all. Owners cost are very low as well as contingency of 10% given the accuracy of the study.

No site layouts provided in the document so how have costs been established. Have costs been allowed for a DFS stage? If debt funding a proportion - what are the capitalised costs of finance?

Not a comprehensive list but a few areas I'd say may be light on.