I would not be surprised at all if the PFSa is still delayed...

I would not be surprised at all if the PFSa is still delayed further. With Bechtel already dragging the chain severely compared to what was supposed to be the schedule, February is not out of the question imo.

The location of the 100,000tpa plant mainly pivots on on logistics, renewables, port facilities and labour. Malaysia and the Middle East have all of these but Malaysia had better logistics than the Middle East.

D. P has stated that renewable energy and logistics are the highest priority but both locations have extremely low renewable energy costs. Malaysia with hydro and Middle East with solar. I still believe Malaysia is prime due to both logistics and the consistency of hydro. (Sarawak River is in focus)

I also think that the re-rate will be a surprise to many after the 1000tpa plant is up and running and the commercial 10,000tpa plant has proven commenced to confirm the conservative financials.

David Paterson has also said that we are pre-approved for the Critical Minerals Fund once the numbers have been proven.

The PFS a and b are going to be exciting but the demo plant is THE hinge imo.

Regards Ken