Ann: Quarterly Activities Report, page-10

At this point in time its still all about KLL's success or otherwise. KLL say they have a 'Targeted production rate of approximately 60ktpa (5kt a month) by June 2023'. Having produced virtually nothing in the December quarter, they realistically need to be producing at least 30ktpa by March to prove they are on track, though we probably won't know until the March quarterly in late April.

If KLL do what they say they will over the next 3-6 months then its happy days, but what happens if they can't? Even if KLL do pull through, are NAIF still willing to back APC? It seems like we're still in limbo for at leat another six months.