quarterly, page-15

Financial Performance

•The Mindarie Zircon Mine is forecast to be cash
positive this quarter
– at 600tph, EBITDA is expected to be A$21mm pa

•Plans are currently being investigated to increase
production to 750tph
– at 750tph, EBITDA is expected to be $A27mm pa

•Substantial parts of the Process Plant (3) are designed
to handle production of 850tph
– at 850tph, EBITDA is expected to be A$30mm pa

I am encouraged by these figures today. I did think that at 850tph (assuming US$750/t fob zircon price, $A:US$=0.81) that EBITDA would have been higher due to increased economies of scale?

Still happy with $30 million and the BFS for WIM150!

Trade safe!