DANTE IS DANTE - stands alone from BHP

Postponing of the West Musgrave development by BHP is temporary and related to the oversupply of nickel from Indonesia. As you know, Dante is NOT a nickel project. A large amount of infrastructure has already been installed at West Musgrave, and money is still being spent to keep the lights on, and to allow a smooth restart at the scheduled review date in ~3 years (or before?).

There is no negative impact to Terra as a result of BHPs decision, rather, it has freed up valuable native title resources critical to Terras short- medium term exploration goals.

The BHP review timeline does tie in well with the Dante development timeline; my view is that Dante has the potential scale to be a standalone irrespective of BHPs development decisions. Further, the discovery and development of copper-PGE sulphide resources at Dante may become a supporting factor in BHPs decisions down the road and accelerate the development of Dante as significant infrastructure and capital has been spent by BHP in West Mustgrave that can be allocated to Dante.