Hi AllBelow my attempt to summarise what I got out of the...

Hi All

Below my attempt to summarise what I got out of the AGM:

Fluorspar (F) – it is on granted mining lease. Current price about USD$350/t. @Hrdwk, the synergy they are referring to is the very close proximity to the proposed site for SSM. So if KRR gets the SSM going, then the F can be processed using part of the SSM plant. Current focus is SSM and would not pursue F as a standalone.

Gold – due to funding constraint, Tennant Creek (TC) will be deferred to March. However, the geologists are doing magnetic surveys at TC using handheld devices for the time being. Mt Remarkable, 10 more drill hole pending. Keep finding smaller thinner veins, but their main hope is to eventually find the main body.

CR – Currently have about $1m left and CR is likely before July 2020. Maybe raise $2m only. Can maybe claim R & D credits in March 2020.

JV partner – someone has already been in the data room and am happy with the resources.

Financing SSM – TB believes that SSM would stand on its on merit and does not need government funding (NAIF etc). That said KRR will still throw a bait out and see what responses we get from the government but will only do so post PFS.

Re why more drilling – TB mentioned it is a strategic move due to appeasing the traditional landowners? Someone please fill this in as I couldn’t hear clearly.

Re delayed PFS – TB mentioned that:

1. the new process route would cut costs significantly as the earlier issue caused by Ferrous Iron is resolved. Plus, they could extract >90% of alumina (we were told much higher than 90%);

2. Because the new route requires much less acid, KRR will import acid rather than building own acid plant (which costs $300m). IMO-if we subtract $300m out of the most recent PFS update (I think it was $500m+), then we can safe to assume new PFS will be in the $300m range;

3. The plant is modular in nature and easily scalable;

4. Production will drop (from the most recent PFS) but margin should improve significantly;

5. Current focus in terms of importance of the metals:

a. HPA

b. Titanium

c. V

6. PFS due March 2020

Marketing trips – TB is travelling to Dubai and Switzerland next month to update interested parties re shift from V to HPA.

Please feel free to add on/correct if you see fit.

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