OK...I need some clarity if anyone can assist.Definitive...

OK...I need some clarity if anyone can assist.

Definitive Feasibility Study (DFS) released on 6th April 2022 indicated that the 'weighted average product sale price' is $653.00 per dry weight tonne (dwt). Can anyone clarify if the $653.00 is referring to the KCM90 dwt value?

• Signed binding offtake agreement with Asia Mineral Resources (AMR) announced 26th July 2022 - up to 38,500 tonnes over first three years.
• Signed binding offtake agreement with Plantan Yamada announced 8th August 2022 - up to 43,000 tonnes over first three years.
• Quarterly Report - Sept 2022 announced 31st October 2022 indicates two more signed binding offtake agreements taking total of signed binding agreements to four. The two additional signed binding offtake agreements are again with AMR (31,000 tonnes) and Plantan Yamada (35,000 tonnes) - over the first three years.

I have read the Quarterly Report several times. Am I correct to interpret the volume of the signed binding offtake agreements to be around 147,000 tonnes over the first three years? Has AMR and Plantan Yamada increased their volume of demand (approximately doubled)? Or have the first two signed binding offtake agreements just been tweeked up a bit with the signing of the binding offtake agreements identified in the Quarterly Report?

Should this combination of information be interpreted to means that the volume of the signed binding offtake agreements for the KCM90 is 147,000 tonnes?

The value of the signed binding offtake agreements has been stated to exceed the DFS price of $653.00 per dwt. Working with this information ADN are indicating that they have a market for approximately 50,000 tonnes of KCM90 per annum. This has a value of over $32mil per annum.

sighs - scratches head - rubs eyes.......