Retail Investor Call with Darrly & Peter, page-15

If I may - I can see what Szalva is suggesting and it has concerned me previously - the high rate cash burn when doing some early site works was to me extreme - the HATCH payments etc (after all the reduction in OPEX is due to phosphate price increases as advised) - and there was additional around 7+ million in grants and interest payments. If they burn at that rate for project Nolan's construction and commissioning we could be in a world of pain. Subsequently with new CEO I do feel more confident with such however with the high contingency for finance obligations - more and more HATCH millions - over runs - will the 80 million be sufficient. Lynas recently built only a separation plant in Kal with a budget of 600million that blew out to 900million for example - yes they were urgent and in peak inflationary period but please I am just providing example how CAPEX can blow out - remembering remaining debt is so important for expansion - phase 2. Therefore in our senior project team and contractors we entrust.

Hindsight is easy. However our top people are paid very well for their expertise (as per someone's question yesterday - sorry mate forget). They are paid to have vision and advanced forecasts - projections with the many variables and finance is one key component. This board could have simply raised 50 million on the previous raise (they increased it for Insto's remember - how sweet) - allowed more participation from retail at the low premium which would have removed a very high degree of "turmoil and anger" - saved money from doing this now SPP/CR. Ask one self - why they did not please? Pretty obvious.
So this it how the BEOT operate - it is nothing new - we move on.

In targeting FID EOY - having been advised yesterday we will see releases on staged equity confirmation which I am very pleased about opposed to one drop when all is closed (except final Insto/retail component which is last). Clearly the we can anticipate with high degree of certainty if FID can be achieved by EOY. It will clearly be based on when the 2 biggies in box 1 are completed - which would need to be by end of November given the final Insto/retail component requires 2 months from offer to close - so roll on November hopefully October folks.

I am always looking for tid bits - anything relative to renewables growth. Given US markets are rolling around all time highs BUT:
GE Vernova since their split up from GE in April 24 have gone circa usd125 to 175 (this is their new renewables division stand alone entity).
TESLA fell considerably late April to dip below usd150 and recently recovered to around 235-250.
Siemens Gamesa Renewables SP has more than doubled since start of 2024.

Lithium stabilized - improved some and commentary is positive and even NdPr has bottomed (again) and seeing similar small uptick.

Indicators the renewables shift is tracking very well to market forecasts in coming years and perhaps sometime later this year - next year we will see a favorable sentiment to the critical minerals sector that has been in the doldrums whilst global markets have rallied.

Best wishes all - take care.