Ann: Quarterly Activities Report, page-8

'New' news -
* Good progress on Marine Structures work package,
* Contract for causeway contract awarded in December with mobilisation occurring in Jan,
* Commodity prices holding up,
* Offtake for Salt & SOP for more than 50% of initial production 'progressed' during the quarter,
* Cost/Design review still ongoing - results when completed.....????
* However progress on funding by end of this half year (FY23),
* IV quarterly volume and earn low, as expected,
* Sam Bennett and Kim Boekeman depart - clearly cost cutting,
* Cash increased by only $13mil during quarter, having received $100mil S3CN's.
* Fresh Capital requirements post 30 June 2023.

Got 'Nothing' on -
* Enviro position re extensions to capacity of Ponds 1 and 2..... "Ponds 1 and 2 were completed in Dec 2022" Wt....? So is that a straight lie, a misquote, or have the company mothballed the 'RRDMMA' requirements and what we have with P1&2 is what we get....????
* Expectations/update for/on Optimised Mardie Approvals.....????
* The 'cost' question marks and the 'funding' cloud, both still hang over Mardie......

Clearly, and quite obviously, they are 'buying time'.

GLTAH