General Discussions, page-2418

Final PEPR approval will be a major derisking of the project and a trigger for finance, offtakes, FID etc. I'm of the opinion there will be price sensitive announcements beforehand.

Some possibilities:

- Optimised DFS for upstream mine and concentrator
- Further engineering on the downstream (locked cycle tests etc.)
- Expanded integrated study updating the numbers from the July '20 study (hopefully showing increased sales prices, increased recoveries, lower operating costs, higher NPV)
- Once these are delivered IMO long lead procurement and early works should start to happen

There's always the real possibility of a left field announcement that catches you totally by surprise as well. That's what I've come to expect from DC/RNU over the years.

JMT

GLA