General discussion (MEI), page-5493

Well, I got the scoping study wrong, was thinking a lower CAPEX and a better OPEX than what was published. Actually, Market Cap at the moment (not sure if the recent dilution is factored in) is better than NPV on SPOT but lower than Adamus.

Looking forwards, the work from ANSTO (improving the flow sheet) in Q3 and the JORC update (including Figueira) in Q4 followed by the PFS in Q1 2025 should publish a reduction in CAPEX and an improved OPEX resulting in a better potential return on investment and improved NPV. Not that I like the CAP raising at 11c, but the cash is in the bank now and I suppose if you want 10s of millions it needs to be attractive..... (reiterate, still don't like it).

Looking forwards, in my view the two things that matter the most are an improvement in the commodity price and getting funding to achieve FID in 2025 (or early 2026). Still confident that we should get there, particularly considering a several political factors including the requirement for the west to secure the RE supply chain outside of China and also the proposition of the USA imposing a 25% tariff on Chinese RE from 2026 onwards. Need to be mindful of some other undesirable external factors between now and then that could impact the markets .

Great having Nomi on the BOD.

Lets see what happens. If we make FID then ill put a round on the bar at the RITZ no problems.