FY23 Summary As the fiscal year 2023 ends, reflecting on the...

FY23 Summary

As the fiscal year 2023 ends, reflecting on the year that has passed, despite the challenging macro environment, RNU has performed remarkably well, with a 26%year-on-year increase. Considering the circumstances, this achievement is quite impressive and could have been much worse when compared to our industry peers, some of whom experienced a nearly 50% drop during the same period. Although it may feel like progress has been slow this year, there has been significant work happening behind the scenes that will lead to several important developments and news events imminently, ultimately bringing us closer to the mining stage at Siviour. The first significant milestone will be the BAM study, which is scheduled for release in July.

However, in summary, these are the key announcements in FY23:

- Extension of Siviour with continuous drilling throughout the year

- Upgrade of resource

- Site selection for BAM facility

- PEPR granted

- 70m raise

- Load lead commencement

- DC’s regular travel overseas and presentations

- Several new experienced hires

Looking ahead toFY2024, I anticipate several crucial announcements that will further shape the future of RNU. As we have seen in the past, RNU has a tendency to deliver these updates in quick succession. The expected announcements include:

- BAM Study release

- Additional resource upgrade/extension

- Binding offtakes

- Financing secured including 185m loan from the Australian government

- FID

- Construction beginning at Siviour

- Patentresolution

- Approval of the BAM facility by the minister

- Anodepartnerships

I understand that the recent lack of news may have been frustrating for some of you. However, considering the current market conditions, it's important to note that most announcements in other Co’s have been met with selling pressure. I hope that when several of the above milestones are achieved, they will provide the necessary support and momentum to drive the share price higher. Based on a positive BAM study release, I expect the share price to increase significantly from its current level. Patience is crucial during this time, and I believe that brighter days are ahead.