Cash PositionThe company had a cash position on 31 December 2021...

Cash Position

The company had a cash position on 31 December 2021 of A$21.9m. The cash on hand will be used to fund further
exploration, resource definition drilling, production and marketing studies, mine planning, reserve definition and the
‘fill the mill’ feasibility.

Black Swan Funding

We have assumed the Black Swan project is funded predominantly by debt.

The DSO program and/or the concentrator option could be funded in a number of ways:

• project/bank finance
• pre-sale agreement
• trader/customer finance.

Windarra Gold Project – Up for Sale

The Windarra gold project has been flagged as an asset up for sale as POS is focusing on the Ni ‘fill the mill’ strategy.
We value the project at A$30m as a project in POS’s hands.

Other Financials

We have assumed that any further projects such as Lake Johnston can be funded from Black Swan cash flow or via debt
funding.

POS had, at 30 June 2021, approximately A$38.1m in accumulated tax losses. These losses have been applied to
earnings, with cash tax forecast to be paid from FY2025 going forward.

Extracts from MST 14 Apr 2022