Ann: Presentation - RIU Explorers Conference 2025, page-5

I'm not saying its not possible, I just think its unlikely to focus on 100Mtpa.

At 20Mtpa production is already mining/moving 132Mt.
The 100Mtpa scenario would be mining * 5 that, which is 660Mt!

CLE has done great getting Vale onboard, but they have given up 75% of the project if Vale decides to proceed.
I can't see the studies being based on 100Mtpa, I think 20mtpa is more realistic and that will significantly reduce the value of CLE's remaining 25% stake.

The only good upside scenario I see for CLE is 100mtpa or maintaining their original 25% share without dilution at a lower output.
Both of which I think is unlikely.

Great to see the project progressing and well done to shareholders over the last few months.