Quarterly Activities Report for the period ended 31 December 2023

Thunderbird Mineral Sands Mine (Sheffield interest – 50%)

• Thunderbird mine commenced mining and processing operations
• Construction activities concluded during the quarter on time and within final investment decision (FID) budget of $484m
• Zero lost time incidents throughout construction, commissioning and initial operations
• Mining and processing ramp up performance above FID assumptions
• First export shipment of approximately 300 metric tonnes of non-magnetic concentrate dispatched following the end of the quarter
  

South Atlantic Project

• Drill line clearing and rig construction continued, with drilling to commence in the current March quarter
• Hatch appointed to undertake PFS for South Atlantic Project, with PFS scheduled for completion mid-2024
• Bujuru bulk sample test work results due in the current March quarter

Corporate

• Cash balance of $23.2m as at 31 December 2023 (unaudited)
• Investor & Shareholder Webinar – Tuesday, 23 January 2024 (refer link herein)