Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-18

We are in Phase Two of the DOE Loan Program application.

Note this is a relatively short process to then progress if deemed suitable to Phase 3. Key criteria is about green house emissions. Management already ahead of the game with commissioning the Minviro life cycle assessment showing a 60% reduction compared to Chinese SG.




I think we will be in Phase 3 very shortly, how long will that take, anyones guess for the DD and Term Sheet Negotiations.

Will still need on top of the loan, a CR, pre purchase of materials and/or JV to cover maybe $200-300m.

Back to the waiting game in the mean time.