Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-4

Overall I thought it was a good report.

The Good:

• 120kg HPA sample dispatched to battery-focused tech. company in Europe (this is a follow-up order)
• 26 industry participants focused on critical minerals development/investment met at Alcoa's Booragoon offices to discuss the HPA project development
• Statutory approvals/permitting for demo plant is expected to be completed by the end of the calendar year
• They are looking to shorten/optimise demo plant construction time

The Bad:

• no mention of expected demo plant FID or JV documents so assumption is this will be early 2023 (calendar year)
• no mention of long-lead time equipment ordering so we're left in the dark on whether this will be ordered after official FID is announced

Roly's 1M performance rights expiring at end of Jan 2023 may be at risk. Hopefully he earns these performance rights and his director options are rejected since he already has 2M performance rights to motivate him to get this project live.

Happy to continue to hold and accumulate if the opportunity presents itself