Material Items Released by Company - Informed and/or Varied

Please find below excerpts of material data that I feel was relevant to my own investment, I have personally written this, it has not been error checked, and may include errors, for which I sincerely apologise, it is rather late as I write this, however felt it was important to provide as the number of parties grows that have registered interest in class action. If you'd like to join the interested parties in class action, please email [email protected] with your name, phone number, damages (how much you have invested and potentially lost), as well as possible factors you believe may have caused your losses to occur, and any other information including notes and discussions had with personnel.

DISCLAIMER: By reading further, each party and automated search engine robot agrees to verify information contained within this message is to be checked independently and it is each parties responsibility to check any and all claims made in this post against the referred market information heading which is provided below. This post may include spelling mistakes and other errors including errors when taking notes. By doing so, I am not alleging the company informed any incorrect information. It would be up to review of the original company information to check and determine whether the information that has been copied to the best of my ability and displayed today has been copied in notes correctly. NOTE - As you can appreciate, it is very late, however given the number of concerned parties that have contacted me, including a proportion of retirees, I feel it is absolutely necessary that I provide you all with these items.

Interested parties that are interested in joining any possible class action, email me at [email protected] urgently.

This post includes valid items I believe I relied upon when making my decision in investment, that caused my subsequent losses.

I am deeply concerned given there appear to be material items alleged by the company where I believe I have not seen any subsequent variation.

For instance we were told year 1 production would be 1.3g/T. This is taken to exist from the first month of operation. I haven't been able to find, when did the company actually release an update as an example Year 1 is now updated to 0.8g/T, did it ever? While it would give a statement of months or quarters pours, that isn't to say that it has actually updated the market as to the fact it has alleged now being known to being unachievable for the full year.

It could be that I've simply missed it, and perhaps its somewhere in fine print. I do find when reviewing market information on a laptop, tablet or mobile phone you don't always see on screen all the data. Perhaps you could tell me where the first year data was first varied down from 1.3g/t?

I am unsure if the company provided updated AISC at certain material times that it ought to have and certainly would have known its pourings and expenses daily. It is generally accepted that companies know daily what their results are, and accounts know day by day what expenses and costs have occurred. This is particularly critical and valid coming up to the first of a series of investment "tranches".

I also haven't seen the date that the company provided updated project cashflow, unless I've also missed it somewhere. If I recall, we were told it didn't need cash. And then it did. But never did we see any updated project cashflow? And that happened again? And again? !!!! What?!

Why did AISC go up when we were told that certain contractor rates and power rates were locked in?

So it's not important to update market information? Who actually checks to make sure that all previous market information remains correct?

Is this a massive issue in ALL ASX investments?

One item that I understand is included when studying an Executive MBA is secondary checks and balances. Where are the ASX secondary checks and balances to ensure that all companies on its platform are required to hold a register of alleged facts, and provide continual disclosure to ensure each material fact is verified to remain true? Has the ASX been negligent in not ensuring that it reasonably enforces required items under general business practice, including ensuring that projects are built to accepted business project management framework (Prince2), performing secondary checks balances (including for all elements of JORC calculation - ie secondary indendent review in full), secondary checks and balances and having version control on the alleged facts and metrics involved in any project at any time? Wouldn't that be reasonable?

That no one has to periodically check to ensure that all alleged "facts" remain true? And require a full release on each item?

ALSO: IMPORTANT: I WOULD ANTICIPATE THE WA GOVERNMENT SIGNED OFF ON THE FEASIBILITY STUDY? IF SO, DID THE STATE OF WESTERN AUSTRALIA ERR DURING IT'S REVIEW OF THE FEASIBILITY STUDY? LOOK AT THE AISC OF FEASIBILITY STUDY. THE WA GOV WOULD CERTAINLY KNOW IF THE AISC IS EVEN POSSIBLE AT THOSE RATES GIVEN THEY HAVE FULL INFORMATION OF ALL AISC BY MINERS IN THE REGION?

WHAT HAS TRANSPIRED WITH PIRRA LITHIUM?

WAS THERE A CONFLICT OF INTEREST BY BANKS AND SERVICE PROVIDERS IF THEY WERE TO BECOME CO-INVESTORS AND SENDING THE WRONG MESSAGE THAT EVERYTHING IS GOOD HERE? DID BANK AND SUPPLIER ACTION CAUSE MORE DAMAGES FOR CERTAIN INVESTORS? WAS THE INFORMATION PROVIDED BY THE COMPANY TRUE IN RELATION TO BANK AND SUPPLIER ACTION? WE DON'T KNOW? SUPPOSE CONTACTING BANK IS A GOOD THING? DOES ANYONE WANT TO BE TASKED WITH THAT AND REPORT BACK?

Are you able to review your items of investment and provide a list of additional facts that was alleged by ASX:CAI that caused you to invest?

I believe these matters are critical;

23/03/2021 Blue Spec Project set to significantly increase production

The Company advises that the Proven and Probable Ore Reserve and Indicated Resources provide 90% of the total mined tonnage and 78% of the total contained gold metal for the Warrawoona Gold Project, inclusive of Gold Spec. The remaining tonnnage is comprised of Inferred Resources.
There is a low level of geology confidence associated with Inferred Resources and there is no certainty that further exploration work will result in the determination of Indicated Resources or that the production targets reported in this announcement will be realised.
The Company confirms that the use of Inferred Resources is not a determining factor of the Warrawoona Gold Project's viability.
Production will peak at 139,000ozpa versus the 105,000ozpa contained in the Feasibility Study.
DFS Gold Production - 90,000 Ounces Produced - Year 1 per annum
Cashflow and AISC Yearly Profile (Warrawoona Project incorporating Blue Spec) Year 1 - Project cashflow (pre-tax): A$95M, Project Cashflow (Post-tax): A$95M, AISC: A$1177/oz
Processing Yearly Profile (Warrawoona Project including Blue Spec) - Year 1 - Ore Processed 2,327kt @ Processing grade 1.3g/t for 90,586oz recovered
The sensitivity of Post-Tax Project NPV8% to changes in gold price, operating cost and capital cost is shown in Figure 9 using a base gold price of A $2355/oz.
Warrawoona Ore Reserve (September 2020) - 14,310kt @ 1.2g/t for 547koz

23/03/2021Investor PresentationTargeting 130,000oz PA
Stage 1 - Under construction - average production of 90koz pa at LOM AISC $1290/oz - initial 8-year mine life, first gold due 1H 2022
MRE of 1.5Moz Au, 702koz Au Mining Inventory with low LOM strip ratio of 3.4x
Fully funded with A$110m debt, $42m cash (Dec 2020)
Average production of 90kozpa over 8 year LOM
Stage 1 - Operational and Financial Metrics - Avg EBITDA @ @2355/oz of $92m, Low pre-production CAPEX of A$120M, After-tax NPV8% of $245m, IRR of 57% @ A$2,355/oz Au (hedge price), 15-month post-tax payback at A$2,355/oz Au
Year 1 Project cashflow: $95m @ AISC: A$1177oz, 2327kt ore processed @ 1.3g/t for 90,586oz recovered
Derisking is key - Grade and tonnes - 1 Year of measured resoures (12.5m x 12.5m drilling), Remainder of pit Indicated (25m x 25m drilling), Staged mining approach with competent contractor - Macmahon, 300,000t high grade stockpile ahead of mill commissioning,
Multiple options to increase production due to outcropping orebody and low strip ratio of 3.6:1
Throughput and Recovery: GRES designed plant - normally outperforms requirements, Extensive metallurgical testing
Costs: Unit rates locked in for mining, Fixed power costs per kwhr, Labour - seeing cost pressures, Consumables - possible to save with rising A$, Costs mainly dependent on ounces produced see above.Blue Spec DFS prior to stage 1 gold pour.
Stage 1 - DFS Production of 90koz - 105koz at LOM AISC $1290/oz initial 8 year mine life

9/09/2021 Blue Spec DFS ramps up with successful drilling campaign opens new window

Year 1 Production: 90,000oz

29/09/2022 Feasibility Study paves the way for Construction of Warawoona Project

AISC - A$1290. IRR Pre-tax 81% per annum, 69% IRR Post Tax @ A$2,500/oz

AISC - A$1299. IRR Pre-tax 103% per annum, 91% IRR Post Tax @ $2,800/oz

28/07/2022 June Quarterly Report

First gold poured completed in May 2022 with a total of 8,916 ounces poured in the quarter with an additional 1,192 ounces of gold in circuitWarrawoona Gold Plant successfully commissioned and ramping up to 2.8Mtpa tested and no major bottlenecks identified
Gold produced to date reconciling with Resource Model and Grade Control Model
Pirra Lithium's maiden drill program commenced at Spear Hill lithium project, where pegmatites are defined over 4.3km and rock-chip samples yielded grades up to 2.35% Li2O and 808ppm Ta
Cash and cash equivalents of $20.0m at end of quarter
Milling rates progressed during the quarter and will reach nameplate of 2.4Mtpa early in the September quarter
Mining has progressed with 20,000 BCM per day movement achieved, versus an average requirement of 18,500 BCM per day
Grade - g/t - April - 0.77, May - 0.9, June - 1.1May - 5465 ounces poured, 5969 ounces sold with average realised sale price $2687

2/08/2022 Diggers and Dealers Mining Forum Presentation
Ramping up production, targeting 90koz pa, Steady state production targeted during Q3 CY2022
Market cap $292m (Share price of $0.715 at 31 July 2022)
Cash and bullion $20m (30 June 2022)
Stage 1 - Throughput 2.0 - 2.4 Mtpa, 702koz @ 1.2g/t Au, 90k oz pa LOM, DFS AISC A$1290/oz
Ramp up to full steady state production expected in Q3 CY2022
Grade reconciling 100% through both grade control and gold produced to resource model - 8% of in-pit reserve drilled
Mill now running at 2.4 mtpaInflationary pressures anticipated (c.10-20%), DFS (Sep 2020) cost guidance of A$1,290/oz145koz hedged at A$2368/oz over 3 year loan life + Additional 11koz hedged for delivery in 2022 at A$2688/ozStage 1 - DFS Production of 90koz - 105koz at LOM AISC $1290/oz initial 8 year mine lifeStage 1 - Ore reserves 547koz @ 1.20 g/t, Mineral inventory - 702koz @ 1.2g/t

12/08/2022 Calidus Secures $20M to Fund Growth Projects

Operational ramp-up at Warrawoona continues with nameplate production expected during this quarter

21/09/2022 Annual Report to shareholders

Warrawoona Gold Plant successfully commissioned and ramping up to 2.8Mtpa tested and no major bottlenecks identifiedGrade reconciling 100% between Grade Control Model and Resource model
Warrawoona is forecast to produce on average 90,000ozs per annum.
Refer to ASX announcements dated 29 September 2020, 23 March 2021, 9 September 2021, 8 November 2021 and 2 June 2022. The Company confirms that it is not aware of any information or data that materially affects the information included in the market announcements, and that all material assumptions and technical parameters underpinning the estimates continue to apply. Milling rates progressed during the June quarter and will reach nameplate of 2.4Mtpa in the September quarter.
The Mineral Resources has decreased from 1.723Moz as reported on 30 June 2021 to 1.691Moz at 30 June 2022, a decrease of 32koz. The key change involves resource depletion due to mining.

29/09/2022 Maiden Blue Spec Reserve underpins expansion plan for Warrawoona

Company Ore Reserve - Klondyke Open Pit - 11.3Mt @ 1.0g/t for total 371koz, Klondyke Underground - 1.9Mt @ 2.1g/t for total 120koz
Company Resources - Klondyke Open Pit 38.7Mt @ 0.88g/t for total 1,101 koz, including 26.3Mt @ 1.12g/t for total 943koz, Klondyke UG (Underground) 2.7Mt @ 2.83g/t for total 250koz
Financial Year 2023 Production: 80,000oz

10/10/2022 September Quarter Operations Update

Total Mill Throughput 525,705t @ 0.78g/t (Inference: 525705t x 0.78g/t = 410,049.9grams Au / 31.1 (Troy Ounce) = 13184oz
2.4MTPA Not achieved throughout quarter, signficantly below
Excuses provided for COVID in Warrawoona Village
Mill head grade and reconciled output was lower than the diluted grade control model predicted (0.78g/t v 1.01g/t)

6/03/2023 Warrawoona Achieves record production rates in February

A total of 182,000 tonnes of ore at a reconciled grade of 0.89g/t was processed with 5,005 ounces of gold recovered. Guidance for H1 CY 2023 remains unchanged at 31,000 to 36,000 ounces at A$2,000 to A$22,50 per ounce due to maximum strip ratios being undertaken in the pit.

8/03/2023 Half Year Accounts

Production Figures for H1 2022/2023 FY: Strip Ratio: 4.5, Ore Mined: 1,350,411t, Ore Milled: 1,036,424t, Grade: 0.78g/t.
Ounces recovered: 25380oz. 6 Month Guidance: 31000-36000ounces with AISC of A$2000-A$2250/oz.
Initial estimates show production increasing from ~ 70,000 ounces per annum in Stage 1.

ALSO OTHER NON ASX DATA RELEASED 13/08/2022 Golden opportunity: The rare tale of an explorer becoming a producer

In June 2022, the company achieved operating cash flow positive status – attaining the coveted position just one month after pouring its first gold bars in May.
Racing towards steady state production of 90koz per year as part of its Stage 1 Conventional CIL Plant operation, Calidus is already delivering an All-In Sustaining Cost of $1,290/oz, significantly less than the gold spot price of $2,524.
Mr Fleming suggested during his April session that as the Perth-based Calidus “begins to ramp up and deliver, there is a really strong opportunity for a re-rating”. Stage 2 of the operation will boost production to 130koz per year and will be funded from existing cash flow, he said.

There's a significant amount of data and information sharing that is required in order to have our group prepare for any potential class action. I'd be really appreciative if you can similarly take my example as to the level of information that is necessary for sharing and review when responding. It certainly would assist if there is some more analytical review to see what continual disclosure has not occurred?

DO YOU BELIEVE ITEMS WERE NOT UPDATED IN ACCORDANCE WITH CONTINUAL DISCLOSURE RULES? WHAT DOES ASX DO ABOUT THAT TO ENSURE IT HAS A ROBUST SYSTEM THAT ACTUALLY THAT ENSURES ALL DATA IS CORRECT AND CERTAIN ITEMS JUST HAPPENED TO GET OVERLOOKED, BUT WERE RELIED UPON BY INVESTORS?

There's a lot of questions, your involvement, input and notes assist in building more overall idea as to what can be looked at from here.

Regards and good night.

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HAVE YOU LOST MONEY INVESTING INTO ASX:CAI?
ARE YOU INTERESTED TO BE INVOLVED IN REVIEW FOR POTENTIAL FUTURE CLASS ACTION?
DO YOU FEEL THAT THE STOCK MARKET FEELS LIKE A RIGGED SYSTEM WHERE THE SYSTEM WINS NO MATTER HOW MUCH WE LOSE?
There may exist avenues for getting some money back by claiming against ASX:CAI supplier professional indemnity insurances and other parties, currently we are seeking parties to register for the review process. If yes to any of the abovementioned items, please urgently email [email protected] with the following:
- Your Name
- Phone Number
- Factors you believe may have caused your losses
- Your total loss of investment into ASX:CAI
- Any other details and information you feel is pertinent