Capex & Opex, page-14

This is ideally how we'd like to see things play out.

Let's assume a boot facility is arranged, and we're left with a $400m capex to finance.

At an 80/20 debt/equity split we'd be looking for finance of up to AU$320m whilst securing a cornerstone investor for the remaining $80m..

Seems more than reasonable and doesn't take into considering the potential $40m cash in-take from options conversion mid next year and some NAIF assistance of anywhere between $40m-$100m should this get off the ground.

Multi-metal project, deep-sea port access relatively close, and we haven't even considered our JORC fluorite resource.