Ann: QPME Moranbah Update, page-33

I believe that is right: there will be no formal DFS published per se. However, there are several key things on the commercial side for the TECH Project that need to be completed prior to FID:

1. Revised capex budget - there may be potential for a small reduction from the AFS. I suspect this to be in the order of magnitude of 5-10%
2. HPA offtake - the key here is the potential for some form of financing to be attached to an offtake (eg. prepayment)
3. Government financial support - in the form of equity investment and/or grants. Clearly the company is very focused on securing this, as evidenced in the many Gov't/Gov't-related meetings and presentations attended by SG and other QPM executives, with the objective of achieving a "crowding in" effect on private sector investment

All IMO and GLTAH.