Ann: Kalkaroo Native Title Mining Agreement Signed, page-13

Key Financial Terms of the Native Title Mining Agreement

Whilst the detailed terms of the Agreement are confidential, the key points are:•

Establishment payment is due to NAWNTAC after the registration of the Agreement in accordance with Part9B of the Mining Act.•

Annual administration payments, adjusted for CPI, are paid to NAWNTAC from the commencement of theAgreement.•

Annual floor payments, adjusted for CPI, are due to NAWNTAC from when the project reaches commercialproduction.•

Annual profits payment, based on a percentage of EBITDA (if EBITDA is positive), are due to NAWNTAC fromwhen the project reaches commercial production, but are capped until the cumulative EBITDA exceeds thecumulative capital costs of the project.

So we do not know what NAWNTAC payments are due now.

Their lawyers will surely like a large payment now after all these years.

I now understand why HAV has a standby loan account.