Ann: Postive Scoping Study Results, page-2

I thought the numbers stacked up pretty well.



Even at 7.7 for NiSo4 and 20 for CoS04 it has a very healthy EBITDA.

The numbers havent included any HPA, scandium or upgrading to pig iron. Which were all noted in the study.

5. The Scoping Study identified other potential opportunities to improve project economics that should be investigated in future feasibility studies:• Capital and operating cost optimisation work including areas of logistics and energy consumption;• Potential production of High Purity Alumina (“HPA”) to improve cashflow stream from alumina product;• Upgrading hematite product to produce pig iron;• Recovery of scandium;• Capital contingency can be reduced with further feasibility work to improve the accuracy of the capital cost estimates.