Ann: Specialty Metals Project PFS update, page-26

Good question but all one can do is assume that they weren't included in the previous SS, and they have excluded them in this update as costings are still ongoing and will be published in the PFS.

Keep in mind the capex figure included a large 20% contingency, potentially to cover the costs of these exclusions which if so was a good move.

Securing a BOOT facility for the sulphuric acid plant (which accounts for 62% of total capex) would be a tremendous achievement and would effectively take the capex figure down to US$258m.

A BOOT facility would involve a private entity financing, building, owning and operating the plant for an agreed amount of time. The private entity would earn profits from the operation of the plant and at the end of the term the ownership of plant can be transferred to KRR. Somewhat similar to a lease agreement.

This would mean KRR would only need to secure finance for the processing facility US$285m plus any additional excluded capital costs.