Ann: Toliara PFS confirms a world-class mineral sands development, page-33

2ic makes very good points. The Base PFS Zircon price looks high and companies always make their PFS look as shiny as possible. So it will be interesting to see where their pricing is in the BFS/FID, and what has changed in regards to supply.

Much of my scepticism relates to Zircon supply not being able to come on readily and projects that are heavily Zircon weighted not being the focus of third parties or even the banks. Yes Image Resources is an exception, but its taken them a lot of years and they were given a working plant, slurries, pumps, boosters, stackers and power units from the biggest shareholder in early 2016, which they refurbished and brought online in Dec of 2018.

I also understand the thought of high pricing bringing projects online and even marginal projects being dusted off, but I'm just not so sure in the short to medium term and many proposed projects need real coin thrown at them and will need to have everything manufactured, will take years from now to be online and I think many of them have project level issues, hence why they are not online already.

I am firm believer in the TiO2 story though, which I have outlined for some time. The consolidation of key players - Eramet buying out MDL and Tronox picking off Cristal, just tighten up the high end market and possibly pricing of these products. I really think this market needs a Toliara to fill the void and Base have outlined they will be producing three products which reaffirms my thoughts about what this market is asking for. The bonus is the Zircon output.

Time will tell I guess.

P