Ann: Trading Halt, page-20

Looking at the AFS,
* Gas is the highest OPEX for the Extraction Plant, Hematite Pellet Plant & HPA Refinery.

* Gas is the main consideration for site wide utilities.

* Gas supply cost is estimated at $8/GJ. In comparison, the ACCC's Gas Market Emergency Price Order is a temporary 12-month price cap of $12/GJ -
https://www.accc.gov.au/media-release/interim-guidelines-for-gas-industry-after-temporary-price-cap-comes-into-force#:~:text=In%20December%202022%2C%20the%20Australian,to%20wholesale%20customers%20in%20Australia.

* Gas prices look to be heading for sustained higher prices:
https://www.aer.gov.au/wholesale-markets/wholesale-statistics/gas-market-prices

* $8/GJ looks pretty damn sweet, PLUS surplus to be on-sold!!!
* Stage 2 gas inputs have not yet been quantified in the scoping study. I'm assuming this firming up of the gas supply chain will start to improve the S2 metrics.

So this forthcoming announcement regarding potential commercial arrangements with the coal miners, NQGP & TPS should be an important and material step in lowering OPEX and clarifying costs for Stage 2. Together with capex 'shavings' expected from our peak inflation quotes over the coming months, this should start the pellets rolling on increasing the project value and SP IMO.