Just on that, below is a list of the three phosphate projects...

Just on that, below is a list of the three phosphate projects looking to get into production. Verdant (which was acquired for $40m for the residual shares in the company and essentially the land) have now changed to SPA as the only economic route for mining ammaroo, look at the capital cost verdant is looking at to setup a SPA plant. The value in the novaphos asset/license is still largely unrealised given time to commercialise and historical poor management of the company.

Mine Name WONARAH/ARRUWURRA (STAGE 1)

Company Avenira Limited (Minemakers Australia Pty Ltd)

Location 250 kms east of Tennant Creek

Description Proposed open cut mine with processing on-site using improved hard process (IHP) to

produce super phosphoric acid (SPA) @ 70% P2O5. Phased development with the first

production train producing 181,000 t P2O5 per annum, progressively increasing to 0.9

Mt per annum over six year period.

Product Super phosphoric acid (SPA)

Resource 842 Mt @ 18.1% P2O5 (10% cut-off ); 1,406 Mt @ 13.5% P2O5 (5% cut-off )

Mine Life >30 years

Approvals Environmental: June 2013 Mining – pending validation of IHP technology

Proposed Schedule Development schedule dependent on successful validation of IHP technology. March

2018 new demonstration plant completed. August 2018, successful production of

super-phosphoric acid from low quality rock phosphate. Further upgrade the

commercial demonstration plant for on-demand sustained operations. During 2019,

Novaphos (formerly JDC) made additional improvements to its technology, further

enhancing the efficiency and reliability and has initiated a process of engagement with

major phosphate producers and engineering companies to fully commercialise the

Novaphos (IHP) technology. Revised Scoping Study in progress.

Jobs Construction – Up to 200 Production – 110 rising to 350 at full production

Capex Estimated initial capital $350M (stage 1) increasing to $1.2B over 6 years.

Mine Name BATCHELOR PHOSPHATE PROJECT

Company GTGF Australia Limited

Location Approx 70 kms south of Darwin and 2 kms east of Batchelor.

Description Potential shallow open pit strip mining operation with on-site processing through

simple crushing and screening. Mining is expected to start at 55,000 tonnes per

month and increase after 1-2 years to 100,000 tonnes per month. Ore will be trucked

to Darwin port for export.

Product Phosphate DSO rock

Resource 3 million tonnes@ 23% P2O5 (at 12% P2O5 cutoff)

Mine Life Current Mine Plan based on 3-4yrs.

Development subject to environmental and mining approvals.

Approvals Development proposal (Notice of Intent) submitted to EPA in May 2020.

EPA requested further information to be submitted on 5 June 2020.

Proposed Schedule Construction – 2021, subject to approvals Production – 2021

Jobs Construction – TBA Production – 12-15

Capex To be advised

Mine Name AMMAROO

Company Verdant Minerals Ltd

Location 220 kms SE of Tennant Creek

Description New mine – open cut strip mining operations with crushing and screening to produce

Phosphate Rock for conversion to phosphoric acid for export or further conversion to

ammonium phosphate fertilizers.

Bankable Feasibility Study (DSO) was completed in May 2018. Takeover by CD

Capital in June 2019 & company privatised – currently assessing phosphoric acid

production option.

Product 500,000 tpa Phosphoric Acid

Resource Global Resource of 1.145 billion tonnes @ 14% P2O5 (10% cut-off)

or 338 Mt @ 18% P2O5 (15% cut-off)

Measured Resource of 138 Mt @ 15.7% P2O5 (10% cut-off)

Mine Life 25 years plus (Potentially as much as 100 years)

Approvals Environmental – Oct 2018 (NT) & June 2018 (Federal) for rock phosphate project.

A variation to the Project for production of phosphoric acid is now required.

Mining – pending grant of Mineral Leases & approval of Mining Management Plan.

Proposed Schedule Construction – H 1 2022 Production – H1 2024

Jobs Construction – 900 Production – 250

Capex Estimate $1.4 Billion

https://resourcingtheterritory.nt.gov.au/__data/assets/pdf_file/0008/756548/Potential-Mining-Developments-report.pdf