Ann: Quarterly Report for the quarter ended 31 December 2022, page-12

The parts I highlighted, omitted the drilling covered in previous announcements

-on budget and on schedule

- cash at 31 December of A$70.8 million

- NE Domain continues, with a further Resource update targeted for H1 2023

- targeted export of Direct Shipped Ore (DSO) in H2 2023

- Engineering and drafting 50% complete at the end of the December quarter

- Clarifications are continuing with the shortlisted mining contractors and power generation suppliers with final adjudication expected in February.

- factory acceptance inspections in February as the ball mill, crushers, thickeners and magnetic separators are all approaching completion.

- In total, ~80% (by value) of EPCM tender packages have been issued to vendors.

- 73 modular buildings were built

- The establishment of the concrete batch plant commenced in mid-November, and site mobilisation and delivery of batching plant continues.

The delivery of concrete aggregate material, sand and cement is ongoing

- At the end of the period, 118 community members were employed on the Project

- targeting two 30,000 tonne shipments in Q4 2023

- Ganfeng is supportive of the concept and interested in purchasing the DSO.

- airstrip package is also underway with engineering and approvals pathways commenced. Construction completion and permitting approvals are targeted for Q3 2023.

- The Project remains on budget, updated and detailed construction plans to be provided by mid-February 2023.

- Committed costs at the end of December were US$110 million (43%) of the budget US$255.5 million (including contingency).

- project remains on budget though some packages have come in above budget due to cost escalation,

necessary changes in design and some Stage 2 scope items brought forward into Stage 1 with these increases absorbed by the contingency fund at this stage.

- When the majority of tendered packages have been assessed and awarded, an updated forecast cost will be announced.

This is expected towards the end of Q1 2023 and the Project schedule will also be confirmed at that time

- Company intends to expand Goulamina production in Stage 2 to approximately 831ktpa of spodumene production after Stage 1 is fully operational.

- The total workforce as at 31 December was 415 employees with 50% employed by IMS, the earthworks contractor.