Re: CLQ chart, page-614

There is no proof-of-the-pudding on full scale laterite processing with Clean iX.

There are indications, which for some people are good enough. For others, the evidence is not persuasive enough, and we can let it go at that. Everyone needs to be comfortable with their investments and speculations.

The evidence at hand, that the process will be successful is as follows:

1. Clean Teq's actions in advance of the BFS show great confidence. Inquiries to Clean Teq on the subject have been answered to a reasonable degree, though naturally if there were major problems one would expect them to be downplayed.

2. Multotec, CLQ's independent African distributor, is selling the technology to its customers and clearly states it can be used to process nickel laterites.

3. The demonstration plant in Perth has been producing final product using the same ore and the same techniques that will be used in Sunrise. They have been doing this for over six months. Successfully.

4. Clean Teq has installed operating commercial systems using Clean-iX in a variety of target applications. No major issues have been reported. Of course these are not for laterite nickel projects.

5. There has been a third-party PFS that has vetted cost estimates. I understand one can be skeptical,
but the parties doing the PFSs have to protect their credibility.

6. The sum of CLQ's experience on Clean iX is quite extensive. It is not like the process is totally a new
process. What is new is the scale of it at Sunrise, and its use at production scale on nickel laterites.

Hey, what can you do. Someone has to be the first.