Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-17

Sevo,

Actually, this is not true. The latest estimation of AISC/t included the assumption that royalties would be levied at 5%. But they also provided an "upside assumption" of 2.5% that I believe they were negotiating with the WA Govt. Either way the numbers looked very healthy for KLL at, I might add, considerably lower SOP prices than they are today. For reference go to page 16 of the Investor Presentation on 28/10/21. Cheers.