Ann: Queensland Government offers support package to Sconi, page-3

Queensland Government offers support to Sconi
Project Advanced battery materials development company Australian Mines Limited (“Australian Mines” or “the Company”(Australia ASX: AUZ; USA OTCQB: AMSLF; Frankfurt Stock Exchange: MJH) is pleased to advise that the Queensland Government has offered a conditional financial support package to Australian Mines’ 100% owned Sconi Cobalt-NickelScandium Project (“Sconi” or “Sconi Project” in North Queensland.
The Sconi Project, when fully developed, is forecast to be one of the most cost competitive, cobalt producing, nickel operations in the world1. Australian Mines has already processed ore from Sconi to create samples of battery grade, cobalt sulphate and nickel sulphate that met the standard required for use in the electric vehicle (EV) and energy storage industries.
The support package for the Sconi Project is subject to certain conditions, which include Australian Mines:
• executing an offtake agreement by 30 September 2020 for 100% of the nickel sulphate and cobalt sulphate to be produced from the Sconi Project on terms acceptable to the State;
• delivering a detailed project execution plan, including dates for achievement of all milestones, and obtaining the State’s approval for such a plan by 30 September 2020;
• obtaining sufficient approved financing for construction of the Sconi Project and making a final investment decision by 31 December 2020;
• appointing an engineering, procurement and construction management contractor for the project by 31 December 2020; • achieving construction completion of the Sconi Project by 30 July 2023;
• employing at least 191 people in Queensland (on a full-time and ongoing basis) by 30 June 2024 and maintaining that number for the duration of the Agreement; and
• engaging, as independent contractors, at least 57 full-time additional people working directly in connection with the Sconi Project from 30 June 2024.