Ann: Shareholder update - TEF Study-ESI.AX, page-3

Obviously a report was attached to the notice but here;s the exec summary..

Dear Shareholders,

We are pleased to provide to you the public release of the Techno-Economic Feasibility (TEF) study conducted on the proposed Coldry-Matmor Integrated Steel Plant. ECT would like to formally acknowledge and thank our project partners, NLC and NMDC, together with TEF Study Working Group members Dastur and Thermax. The TEF Study report contains detailed information regarding assessment of our technologies operating together, projected forwards to commercial scale. The intent of the report is to demonstrate not only the technical feasibility of our technologies, but also the comparative economic performance versus incumbent technology options. In demonstrating that strong relative performance, we underpin the business case to invest in the development stages ahead. The report in its original form contains significant volumes of information of a confidential nature, the release of which could contravene our confidentiality obligations with our partners and may impact on our ability to deliver value from the commercialisation of our technologies. The report was also a time based document, which contained information current as of the issue date. Our discussions have continued with our partners since that time, and this report does not capture changes in status associated with those discussions now underway. ECT is very encouraged by the results of the study, and by the response to the report received from our partners, NLC and NMDC and look forward to working though the development of project structuring and agreements and continuation of the detailed design program