Ann: Trading Halt, page-14

I had mentioned in the past that the CR could be sometime in Q2/Q3 and the timing would be dependant on just how much of the cash was going towards the pilot plant construction.

I see this as likely the last raise before capital financing. Reason being is the pilot plant will soon be constructed and providing large scale samples to the offtake partners (presumably for quantification) which will help to firm up the detail of the FEED for input into the revised FS on staged production profile.



Noting the pilot plant design has altered to the above for simplicity purposes. I expect FEED will be early Q3 FS finalised late Q3. typically 12weeks or so if sufficient so for FEED so dependant on when the pilot plant is operational about 2-3 months from then.

We're then in a state where we've proven process circuitry and commercial pilot scale (not lab) and secondly a FEED which has very detailed capital costs and specific equipment etc with the revised FS. I garner that given the 170M USD figure for the 2.4mtpa that we will expect roughly half that for 1.2mtpa. There may even be upside dependant on the final process circuitry. hence why i've been quoting 60-80M USD.

With this last CR (if it is just a normal sort of CR) i expect we will give ourselves enough buffer to perform both these studies and working capital until mid next year to allow the FID discussion with finance to occur with no pressure of time. So with that in mind it could be 5-7M USD again which is roughly 10% and i think PSC is then in an excellent position with very little capital outlay aside from the studies which isn't hugely capital intensive.

Whilst i'd love for this to be a huge raise for the project finance i would have garner it would have been quoted as such. Hence the comments previously. CR was flagged by a few as the reason for not entering or waiting to enter, so i'd expect that there may be renewed interest. Myself included had delayed a large conviction until this floor was in. I'm thinking similar to what's been commented 10-15% discount to VWAP so possible around 17c mark. Recalling the last CR was heavily over-subscribed and we're now in a situation where the lithium sector and outlook is greatly improved. I don't think raising will be an issue at all and largely hope we bring on some class players.

SF2TH