Member Info for NorthernShark

HD43 - It would certainly be an interesting move and one to provoke some discussion I would imagine!!

Jack, I would hope for quite a comprehensive update before the AGM covering potentially:

Production Ytd including October specifically.

Thutse modules which are due to come on line this month.

OB1 update - technically today is the last day of the due dilligence period unless it has been extended and we have not been told. We should also be told about the progress on the processing of the sample OB1 material.

Small scale mine development progress and any other discussions.

Possibly being a bit greedy with the information I would like to see but less than a week until we can ask some face to face questions which will hopefully provide some more information to shareholders.

ATB Northern

Seis, I don't think it will be the Q1 numbers but more the September impact which will hopefully provide a guide as to progress and future ongoing run rates. Might even slip Octobers numbers in given the delay in releasing Q1.

ATB Northern

Great stuff Billy, see you there! Assuming the trains are working properly on the day!

Shuv - I would search for Chris Koen then follow - posts some decent stuff which gives a little more flavour to whats going on. I am no geologist but they must be proud of the very green lump of material in the bakkie (thanks for the local knowledge on that one Dru),

ATB Northern

Chris Koen sounds very happy with progress on project M (LinkedIn post today)

Www.ferroalloynet.com/chromeore/analysis-1.html

Either way it has a focus on shareholder value. Slaters philosophy is not to make a quick buck - long term growth companies are what he looks for and invests in!

Lufc - good spot. Should make them aligned in terms of share price growth!

Nat, judging by last years AGM people are certainly not shy of asking the tough questions! I am sure it will be the same again today.

Happy to get a list of questions together at the back end of next week to take to the AGM as I will be attending again this year.

ATB Northern

Thanks Seis, a nice move north in the Rhodium price would definitely bring the additional processing capacity back into view!

ATB Northern

Chester, in two years time I would hope for a little more:

1. Chrome - signalled they are looking at a higher quality product for the next project - so I am going for another two modules which takes it to circa 2.5MT

2. Copper 35-40k copper and concentrates plus the IRH project driven by existing facilities, Draslovka solution for the the tailings and the Mopani waste project.

3. 60-80k oz PGM's depending on price

4. 2-3k tonnes of cobalt depending on price

ATB Northern

HD, exactly right. It’s about demonstrating the upward curve!

HD - I wouldn't get too hung up on the Q1 number. Key is the full year guidance and more importantly the September production when Roan started to properly ramp up! That is from the perspective of an investor as opposed to a trader - we all have our time horizons!

Thanks Seis - might not be too far off then!

Seis, at what point do you think JLP would activate the JV? They must have a lot of stockpiled material given the additional chrome output and would expect a lot more with Thutse 2 and 3 being completed!

ATB Northern

HD - I do understand. I would potentially see it differently. Hypothetically if they say they have done 1000t but 700t of these came in September as they were ramping up production then the 7500t looks more than obtainable. Depends what they say but I would like an update either way with commentary as they have committed to regular updates and I for one would like to see a clear picture of progress rather than waiting until potentially Feb-25!

ATB Northern

HD - I would expect them to report on the numbers but highlight the September performance in particular. This is because the power was available from 1st Sept and also Roan was up to speed. Demonstrating what Roan can do is important for extrapolating performance from here on. I appreciae the first two months will be nothing special but also has been well signposted so do not expect a negative market reaction.

ATB Northern

Not sure about all this bid conversation - possibly the worst timing if it were to emerge given the SP, stage of Copper ramp up and PGM basket price.

I would rather focus on relatively short term newsflow which should include:

Q1 FY2025 Operational Report - very interested in Copper production in September (Should be this month);

Thutse 2 and 3 going operational (November);

OB1 Bulk Trial Material (Dec / Jan)

Low grade leaching / Draslovka testing (Dec)

Additional Open Pit (Any time)

New CFO (Any time)

ATB Northern

Seis, I think if there is a material increase in the PGM basket they will flow a lot of material via the JV. Could be the black swan event for the year!