Ann: Siviour Battery Anode Material Study Results, page-185

Having just read the BAM from start to finish (highly recommended) I’m comfortable with the progress.

- Good to see the thinking on design of the phased staging and the modular approach to expansion.

- Significant expansion of volume as was anticipated which is good to see come thru, as this helps lower overall unit costs. Makes this project more economic compared to others IMO.

- Specific timelines for Stage 1 and 2 reveal the path to initial revenue and medium term growth, which look challenging but achievable. Execution against this timeline will be important.

- Top of mind queries I would have relate to potential for further cost inflation, hopefully mitigated by contingency as laid out in the study. The other one is the debt/equity mix to fund Stage 1 and 2. Feels like a substantial debt component hopefully at favorable terms with Fed Govt Critical Minerals facility, EFA, CEFC, and others. How much equity with potential Offtakers as part of this is a question to be resolved over time, but I think this is part of the growth story still to come. Perhaps a Capital raise more broadly is an option too.

I’m sleeping well tonight recognising the path to shareholder value is well lit.