Ann: Siviour Battery Anode Material Study Results, page-183

Hey All,

It has been a while between drinks as I have been waiting for DC to release the next major catalyst in what has been a rather slow period for RNU !

1) It is great to see the company heading down the concentrate path to kick things off before going downstream. With Cash in the bank + the Government loan they are fully funded to commence Phase 1

2) A phased pathway approach that ultimately aims to produce 100ktpa psg per annum making Siviour one of the largest integrated projects globally

Some of the Negatives that may have led to todays trading

1) Capex has increased significantly like it has for most mining projects. Stage 1 Mine + PSG facility to produce 50ktpa is a combined $600m...... which is a decent some in any metric !

2) China has a decent grip on Graphite pricing given they dominate both mining & refining of graphite globally. RNU's expected PSG opex is US$1,846 which is actually quiet competitive. The only downside is that PSG pricing today has gone to mud, the company would barely break even if in production today

The DFS modelled a pricing assumption of US$4,716/t, that would be a significant uplift on current pricing IMO

Nothing against DC taking the low risk pathway, personally I will be watching what happens in the pricing market before opening up the wallet !