1,450,000 Unlisted Performance Rights

- Definitive Feasibility Study > 550,000

- Grant of Mining Licence > 600,000

- Final Inv. Decision > 300,000

Market Intelligence

- Commercialising the World’s largest rutile resource

- PFS Post tax NPV8 of $1.6Bn

- Industry leading cost metrics

- Rio Tinto is a “Strategic Investor” at 15%

- Strong balance sheet with Cash & Equiv. of $39.4m

- Potential to expand MRE at Kasiya