Today we announced that the Kathleen Valley Lithium Project was over 95% complete overall on an earned value basis by the end of June 2024. Process plant critical path items were completed and commissioning advanced to schedule.

Highlights

• A total of 3.8 million work hours on the Project and a total recordable injury frequency rate (TRIFR) of 5.99 at the end of the quarter.
• Process plant construction stood at ~99% completion at quarter end ahead of first production. Overall, Project completion on an earned value basis exceeded 95%.
• Significant progress was achieved in underground mining for the quarter, with 1,596 total development metres recorded, bringing total development metres to ~3,500 since commencement of underground mining in November. Metres advanced and ground conditions remain on budget and in-line with expectations.
• Kathleen’s Corner open pit mining progressed with 1.3 million bulk cubic metres (BCM) mined, contributing to 216,000 tonnes of clean ore stockpiled ahead of initial production. Mining is on schedule to access the primary ore zone in the September 2024 quarter, consistent with the production schedule.
• The early completion of dry plant commissioning has enabled throughput optimisation ahead of wet plant commissioning. The crushing circuit between the Primary Crusher and Fine Ore Bin, has crushed and stockpiled ~58,000 tonnes of clean ore in preparation for first production.
• Wet plant commissioning is advancing rapidly, with electrical commissioning nearing completion by quarter end and the focus on Flotation and Reagents areas. Water commissioning commenced through the float circuit, ensuring all critical path items are on track for first production.
• Accelerated development of the Paste Fill Plant is now over 60% complete, in line with the commencement of underground mining extraction in late 2024.
• The 95MW Hybrid Power Station has been constructed and commissioned, with renewables now supplying power to the entire site.
• The Business Readiness Program continued to deliver value, achieving core milestones to ensure operational readiness. Kathleen Valley Operations have the requisite people, processes and systems in place for a successful production ramp-up.
• By quarter end, a total of 311 employees had been onboarded, ensuring readiness for the impending start of operations.