As a comparison for WA1, Pilbara Minerals (PLS) is a pretty good...

As a comparison for WA1, Pilbara Minerals (PLS) is a pretty good case study for getting a large-scale, critical minerals project off the ground (Pilgangoora). It's interesting when you look through the history of significant market announcements and condense them by category you get a concept of the timeline for project development. It's impressive how quickly it came into production to be honest.

Two tables follow, the first is a summary of significant announcements based by category, the second is a list of the major announcements in date order. It's interesting to compare to WA1's progress.

Note I've left out announcements that duplicated the first (for example for a cap raise I only recorded the initial announcement). I’ve also left out non-price sensitive and announcements that didn’t relate directly to Pilgangoora.

A couple of things stick out:

• PLS sort of got into a routine of drilling followed by resource definition and continuing on a regular basis• I think its interesting how early they were doing financing/offtake agreements, well before FID.

• There was a lot of met-testwork done late in the timeline after the initial reserve.

• Offtake agreements formed an important part of the funding mix for PLS. Acquirers often took an equity stake.

You can draw your own conclusions how WA1 is tracking alongside this timeline. Logistics and permitting will add time no doubt and clearly there is a quantum of work ahead.

Table 1 PLS announcement summary

N.B. if here were multiple announcements for the same subject only the first was counted.

Table 2 PLS Announcement timeline