Ann: Pilgangoora Lithium - DFS Delivers Excellent Results-AJM.AX, page-3

KEY FINDINGS OF DEFINITIVE FEASIBILITY STUDY
 Confirmation that Altura’s Pilgangoora Lithium project is a significant mining opportunity delivering
substantial long term sustainable stakeholder value
 Excellent Pre-tax NPV of A$411 million and IRR of 58% (real) (1)
 Strong outcomes based on average annual ore feed of 1.54Mtpa (2)
 Average annual production of 219ktpa of spodumene concentrate at 6% Li2O
 Project EBITDA (3) of A$1.06 billion (real) with Project Payback of 1.8 years
 LOM Revenue of A$2.07 billion (real)
 LOM Strip Ratio of 2.9:1 (waste to ore)
 LOM Cash Operating Cost of A$315.90 FOB (real)
 Capex of A$139.7 million (including sustaining capital and pre-development capital)