General Discussion, page-35

NIM is definitely in a different space compared to WA1, but dismissing its potential based on speculative gallium price drops or long timelines oversimplifies the situation. Gallium is a critical mineral with growing demand in AI, semiconductors, and renewables, and global supply chains are actively seeking alternatives to China's dominance. Even if prices fluctuate due to tariffs, the strategic importance of establishing independent sources in Tier 1 jurisdictions like Australia remains strong.

As for approvals and timelines, 10 years would be excessive for a project like Mons, especially in Western Australia, where mining projects often move much faster. With gallium being a critical mineral, governments are prioritizing streamlined approvals for strategic resources, meaning NIM could potentially fast-track its development timeline.

The real value in the short to medium term lies in defining a significant JORC resource, securing offtake agreements, and attracting strategic partners, all of which NIM is progressing with two parties already in discussions. These milestones can create substantial shareholder value long before production begins. Projects like this don’t need a decade to show their potential—clear progress and growing interest in gallium could drive the re-rate much sooner, as WA1 proved.