is there an issue, page-9

Hi Vayama,

4-500 tpa was the figure quoted to me, and also mentioned in prior announcments.

In the last announcement 200 tpa was the target figure.

Agree with you that 4-500 tpa would require a significantly higher capex. I think Bob is trying top make the scale attractive to a potential offtake partner via an equity stake.

A couple of years back Bob was talking about a much smaller long term 40 tpa operation.

Where are we on this issue now? I would like to know too.

If you asked Bob, I think he would see the exploration potential of Oban being 5,000 tonnes.

All the points you raise are valid. The fact that we do not have certainty, and a roadmap to getting there(and whatever tonnage and equity capital stake is required to more Oban) reflects where we are today share price-wise. It's up to Bob to get us the offtake partner. As to the FLT...after two years+ of getting the approvals, are we now not going to have one?...You have to ask Bob. The upside to this is that the work done to get the FLT approvals, would I hope contribute to the mine approvals.

But yes, we have been a bit all over the place of late with regard to certainty. I still think we can get there, but there will need to be a recovery of interest in the U308 sector as well.