Ann: WAK - June 2022 Quarterly Activities Report and Appendix 5B, page-16

Considering the impact of Covid, and the normal vicissitudes of mining projects, WAK is about as close to the target set out in the 2020 Prospectus (see below) as a reasonable person should expect. The completion of construction of new plant was effected in 2022, but commercial scale up at Wickepin did not commence – it slipped into early 2023. I would expect the other points marked in blue font below may also slip, but by a few months, not years. Remember, this is a multi-generational project, so a few months behind schedule is relatively insignificant.

2020
Stage
Kwinana in production. Stage 1 – Wickepin in Construction.
Milestones
K99 Pilot Plant, Kwinana Western Australia.
Description
The current business continues with ore mined at Wickepin being transported by truck to Kwinana for processing and then sold to the Company’s existing network of customers and distributors. The waste from the treated process is currently being stockpiled for possible sale or transported to Wickepin for back fill.

2021
Stage
Kwinana in production. Stage 1 – Wickepin in Construction.
Milestones
Construct new processing plant at Wickepin, Western Australia.
Description
The Kwinana plant continues operation while the first stage of production equipment is installed at the Wickepin, Western Australia plant site adjacent to the current mining operations.

2022
Stage
Stage 1 – Wickepin in Production.
Milestones
Completion of construction of new plant; commercial scale up at Wickepin.
Description
The first stage of production equipment is operating at Wickepin, Western Australia with a nameplate capacity of 200,000 tonnes per annum. The Kwinana site will progressively transition to have an R&D focus on wet processing and other speciality kaolin products. Some of the Kwinana K99 Process production equipment will be used for the Stage 2 expansion at Wickepin.

2023
Stage
Stage 1 – Wickepin in Production. Stage 2 – Wickepin in Construction.
Milestones
Completion of construction of new plant; continue commercial scale up at Wickepin.
Description
The first stage of production equipment is operating at Wickepin, Western Australia. Concurrently, the second stage of production equipment is installed at Wickepin, Western Australia, which will bring the operating nameplate capacity to a total of 400,000 tonnes per annum by the end of 2023.

2024
Stage
Stages 1 and 2 – Wickepin in Production.
Milestones
Expand K99 Process capacity at Wickepin.
Description
The second stage of production equipment installation is complete and the Directors anticipate ramping up kaolin production to the nameplate capacity of 400,000 tonnes per annum progressively by the end of 2024.

After 2024
Stage
Future stages may be considered.
Milestones
Expand K99 Process capacity at Wickepin.
Description
The Company's objective is to continue to add on 200,000 tonne modules with the implementation of each subsequent stage subject to a range of factors, including demand, funding and approvals.