HIGHLIGHTS
• Construction activities progressing for Fort Cady Borate Mine
• Enhanced DFS updated with the addition of a new phase 1C to bring forward SOP production and deliver meaningful EBITDA in CY2023. Updated Project metrics include (US$1.00:A$0.75):
▪ NPV8 of US$2.02 bn / A$2.69 bn (previously US$1.97 bn);
▪ IRR of 40.6% (previously 39.4%); and
▪ EBITDA of US$453m / A$604m (previously US$438m) in first year of full production
• US Advisory Board established to drive US listing process, with John Mitchell appointed Chairman, Tim Johnston and Govind Arora to make up balance of the three-member Advisory Board
• Advisory Board process already well advanced with respect to potential senior executive appointments
• Discussions with potential sales and marketing partners advancing
• US$30m equity financing completed to fully finance Phase 1A capex
• NASDAQ listed Matrix Service Company (NASDAQ:MTRX) appointed to complete construction of Phase 1A
• Construction activities continue, with first production as part of the commissioning process on track for Q3 CY2021
• Continued corporate focus on borate educational marketing associated with key decarbonisation technologies
• A$59.2m cash at bank as at 31 March 2021
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