Announcement PDF Cautionary Statement The China-based Manganese Sulphate Scoping Study, the subject of this announcement, is a preliminary technical and economic study of the potential viability of the processing of part of the manganese concentrate to be produced from the Oakover Manganese Project at a facility to be established in China. The Scoping Study outcomes, production targets and forecast financial information referred to in this release are based on low accuracy level technical and economic assessments that are insufficient to support estimation of Ore resources. The Scoping Study has been completed to a level of accuracy of +/- 35% in line with a scoping level study accuracy. While each of the JORC modifying factors was considered and applied, there is no certainty of eventual conversion to Ore Reserves or that the production target itself will be realised. Further exploration and evaluation work and appropriate studies are required before the Company will be in a position to estimate any Ore Reserves or to provide any assurance of an economic development case. Accordingly, given the uncertainties involved, investors should not make any investment decisions based solely on the results of the Scoping Study. Given that the results of the Scoping Study are subject to the qualifications above (including assumptions as to accuracy), any results reported in this release should be considered as approximates and subject to variances having regard for the assumptions referred to in this release. The Company has reasonable grounds for disclosing a Production Target, given that approximately 99% of the Life-of-Mine (LOM) Production Target is in the Indicated Mineral Resource category, and 1% is in the Inferred Mineral Resource category. The production target stated in this announcement is based on Firebird’s current expectations of future results or events and should not be relied upon by investors when making investment decisions. Further evaluation work and studies are required to establish sufficient confidence that the production target will be met. Firebird confirms that the financial viability of the Oakover Manganese Project is not dependent on the inclusion of Inferred Resources in the Scoping Study. The Company considers all the material assumptions in this Study (which are set out in pages 6 to 22 of this announcement) to be based on reasonable grounds. These include assumptions about the availability of funding. While Firebird considers all of the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Scoping Study will be achieved. To achieve the range of potential outcomes indicated in the Scoping Study, funding of in the order of US$82.3 million (excluding working capital and finance costs) will likely be required. Investors should note that there is no certainty that Firebird will be able to raise that amount of funding when needed. However, the Company has concluded it has a reasonable basis for providing the forwardlooking statements included in this announcement and believes that it has a "reasonable basis" to expect it will be able to fund the development of the Project. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of Firebird’s existing shares. It is also possible that Firebird could pursue other ‘value realisation’ strategies such as a sale, partial sale or joint venture of the project. If it does, this could materially reduce Firebird’s proportionate ownership of the project. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the Scoping Study. The Mineral Resources underpinning the production target in the Scoping Study have been prepared by a competent person in accordance with the requirements of the JORC Code (2012). The Competent Person’s Statement is found on page 5 of this announcement. For full details of the Mineral Resources estimate, please refer to Firebird’s ASX release dated 10th March 2022 and 23 March 2023. Firebird has confirmed that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning the estimates in that ASX release continue to apply and have not materially changed. Unit 38, 460 Stirling Highway Peppermint Grove WA 6011. ABN: 24 610 035 535 +61 8 6245 9818 admin@firebirdmetals.com.au ASX:FRB 1 www.firebirdmetals.com.au ASX ANNOUNCEMENT 21 November 2023 EXCELLENT RESULTS GENERATED FROM CHINA-BASED BATTERY GRADE MNSO4 SCOPING STUDY HIGHLIGHTS • • • • • • • Strong results from the China-based Manganese Sulphate Scoping Study (‘SS’ or ‘Study’) affirm Firebird’s LMFP Battery Strategy, validating establishment of a China-based Manganese Sulphate Plant Key results include: o Chinese circular industry provides localised key reagents and inputs that drive a low OPEX of approximately US$659/mt for production of battery grade manganese sulphate o Total CAPEX of approximately US$82.3M, including land and a 30% contingency o ~US$331M NPV at a discount rate of 8%, before tax1 o Payback period in less than 2 years o Average ~EBITDA of US$48.3M, before tax1 o IRR of 47% before tax1 o Plant capacity of 72,000 mt/a of battery grade manganese sulphate (MnSO4) equivalent, producing: o 50,000mt/a Battery Grade Manganese Sulphate (MnSO4); and o 10,000mt/a Manganese Tetra Oxide (Mn3O4) o Key reagents, sulfuric acid, steam and customers all located in close proximity to the potential Plant location o Potential location to have capacity for future expansion through replication of Plant Following results of the Study, Firebird will promptly advance towards the Pre-Feasibility (‘PFS’) Stage for battery grade manganese sulphate production in China, while continuing to progress development of the Oakover Project The Company, through a recently announced Placement, is fully funded to complete the China-based Battery Grade Manganese Sulphate PFS and ongoing environmental surveys, metallurgical test work and Concentrate PFS studies for Oakover 2023 is seen by industry participants as the beginning of a new era for Li-ion batteries propelled by the commercialisation of LMFP batteries, having the steepest forecast growth of of any battery cathode active material formulation in the medium to long-term The rise of LMFP is imminent as LFP battery capacity is reaching its theoretical energy density capacity and more importantly, LMFP fits the strategies of end users as it is cost effective, safe and provides a long range The Study results place Firebird in a strong position to execute on its vision of becoming a global leader in the manganese industry, combining mining and downstream processing with a dedication to the advancement of the EV battery sector 1 All financial results are on a pre-tax basis, Chinese company tax is 25%, Firebird has ongoing and incomplete discussions with appropriate Chinese government agencies around potential tax incentives, the result of these discussions are expected to be announced through PFS. Unit 38, 460 Stirling Highway Peppermint Grove WA 6011. ABN: 24 610 035 535 +61 8 6245 9818 admin@firebirdmetals.com.au ASX:FRB 2 www.firebirdmetals.com.au Firebird Metals Limited (ASX: FRB, “Firebird” or “the Company”) is pleased to announce the successful completion of an in-house Scoping Study (“SS” or “Study”) for production of battery grade manganese sulphate in China utilising concentrate from its flagship Oakover Project, located 85km East of Newman, Western Australia. Completion of the Study follows the conclusion of a Manganese Concentrate Production Scoping Study to mine and produce manganese concentrate at Oakover, which confirmed the Project as a long-life manganese operation (see ASX Announcement 30/08/2023). Results from the Concentrate Scoping Study followed an 80% uplift in the Oakover Indicated Mineral Resource Estimate (MRE), which now stands at 105.8 Mt @ 10.1% Mn, and combined with an Inferred MRE of 70.9Mt, the total Oakover MRE now stands at 176.7Mt @ 9.9% Mn (all using a 7% Mn cut-off).2 The results generated from the in-house China-based Battery Grade Manganese Sulphate Scoping Study validate Firebird’s LMFP battery strategy to produce battery grade manganese sulphate in China, with a strong projected NPV of approximately US$331M, Total CAPEX of approximately US$82.3M, an impressive IRR of 47% and a payback period of less than two years. Importantly, results from the Study have continued to build upon the strong platform for Firebird to successfully deliver on its vision to become a global leader in the manganese industry, combining mining and downstream processing with a dedication to the advancement of the Liion battery sector. Firebird Managing Director Mr Peter Allen commented: “We are extremely pleased with the results from our China-based Battery Grade Manganese Sulphate Scoping Study, which reinforces the next phase of our growth strategy and demonstrates the true potential of Oakover. “The past few months have been an exciting and transformative period for the Company as we embark on becoming a near-term producer of battery grade manganese sulphate. The delivery of this Study and the results generated marks the completion of another key milestone as we work through a busy 12 months ahead. “Importantly, we continue to build on the strong platform we have created at Oakover and our vision to become a global leader in the manganese industry, combining mining and downstream processing with a dedication to the advancement of the EV battery sector. We are developing and pushing ahead with Oakover at the right time, as the use of manganese in EV batteries continues to grow rapidly. “LMFP batteries are forecast for the largest growth of all the manganese-based batteries, due to the fact it meets the key criteria of car manufacturers - cheap, safe and delivers good range. 2023 is seen by many industry participants as the beginning of the new era of Li-ion batteries by commercialising LMFP and we are well-positioned to benefit greatly from this demand.” 2 For full details refer ASX announcement dated 10/3/2022 and ASX announcement dated 23/3/2023 Unit 38, 460 Stirling Highway Peppermint Grove WA 6011. ABN: 24 610 035 535 +61 8 6245 9818 admin@firebirdmetals.com.au ASX:FRB 3 www.firebirdmetals.com.au Forward-looking Statements This announcement contains forward-looking statements which are identified by words such as ‘may’, ‘could’, ‘believes’, ‘estimates’, ‘targets’, ‘expects’, or ‘intends’ and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this announcement, are considered reasonable. Such forwardlooking statements are not a guarantee of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, the Directors and the management. The Directors cannot and do not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this announcement will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. The Directors have no intention to update or revise forward looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this announcement, except where required by law or the ASX listing rules. Firebird has concluded that it has a reasonable basis for providing these forward-looking statements and the forecast financial information included in this release. To achieve the range of outcomes indicated in this Scoping Study, funding of in the order of an estimated US$82.3 million will likely be required by the Company. Based on the current market conditions and the results of studies to date there are reasonable grounds to believe the Project can be financed via a combination of debt and equity, as has been done for numerous comparable projects in Western Australia in recent years. Debt may be secured from several sources including Australian banks, international banks, the high yield bond market, resource credit funds, and in conjunction with product sales of offtake agreements. It is also possible the Company may pursue alternative funding options, including undertaking a corporate transaction, seeking a joint venture partner or partial asset sale. There is, however, no certainty that Firebird will be able to source funding as and when required. Whilst no formal funding discussions have commenced the Company has engaged with a number of potential financiers on the Oakover Manganese project and these potential financiers have expressed an interest in being involved in the funding of the project. No commercial terms have been agreed between the parties, the discussions are incomplete, and there can be no certainty that any agreement or agreements can be reached or that any transaction will eventuate from these discussions. Accordingly, no investment decision should be made on the basis of this information. As the discussions mentioned above are at an early stage and are incomplete, any announcement of the details of these discussions would be premature and speculative. This ASX release has been prepared in compliance with the current JORC Code (2012) and the ASX Listing Rules. All material assumptions, including sufficient progression of all JORC modifying factors, on which the production target and forecast financial information are based have been included in this ASX release. Unit 38, 460 Stirling Highway Peppermint Grove WA 6011. ABN: 24 610 035 535 +61 8 6245 9818 admin@firebirdmetals.com.au ASX:FRB 4 www.firebirdmetals.com.au This announce has been approved for release by the Board. For further information contact: Mr Peter Allen Managing Director +61 8 6245 9818 admin@firebirdmetals.com.au Michael Weir / Cameron Gilenko Citadel-MAGNUS 0402 347 032 / 0466 984 953 Competent Persons Statements / JORC Compliance Statement This announcement contains references to Exploration Results and Mineral Resource Estimates, which have been extracted from previous ASX announcements as referenced. For full details of Exploration Results and Mineral Resource Estimates in this release that have been previously announced, refer to those announcements. The Company confirms that it is not aware of any new information or data that materially affects the information included in the said announcements, and in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. Competent Persons Statement (Metallurgical Testwork) The information in this announcement that relates to metallurgical test work results is based on information reviewed by Mr Hermann Scriba, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Scriba is an employee of Linico Pty Ltd and consultant to Firebird Metals Limited. Mr Scriba is a qualified extractive metallurgist and has sufficient experience which is relevant to the supervision and interpretation of test work activities undertaken to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2012 Edition). Mr Scriba consents to the inclusion in the report of the matters based on the reviewed information in the form and context in which it appears. Unit 38, 460 Stirling Highway Peppermint Grove WA 6011. ABN: 24 610 035 535 +61 8 6245 9818 admin@firebirdmetals.com.au ASX:FRB 5 www.firebirdmetals.com.au INTRODUCTION Next Phase of Strategic growth Following a two-year period of significant exploration and development success at the Oakover Project, Firebird has announced the next phase of major strategic growth, which is aimed at positioning the Company to supply directly into the growing Chinese battery market. The specific strategy has been established to develop Firebird into a near-term producer of battery-grade MnSO4 (high-purity manganese sulphate), which is a key cathode material in LMFP (Lithium, Manganese, Iron and Phosphate) batteries for electric vehicles. Demand for LMFP batteries and hence Battery Grade Manganese Sulphate is forecast to grow rapidly, with many industry participants touting the batteries as superior to other technologies. This strategy is underpinned by extensive research completed by Firebird in China on the highpurity manganese sulphate market. Firebird executives have conducted multiple trips to China and developed relationships with several key Chinese manganese sulphate experts. Importantly, Firebird is progressing the LMFP strategy at an opportune time, with 2023 seen by many industry participants as the beginning of the new era of batteries propelled by the commercialisation of LMFP. Execution of the LMFP growth strategy is expected to place Firebird at the forefront of manganese sulphate production to meet the further downstream aspirations of becoming a cathode producer and this places the Company in a strong position to benefit from growing demand for LMFP’s. Following this period of due-diligence and release of the next phase of strategic growth, the Company is now pleased to announce the in-house China-based Manganese Sulphate Scoping Study results. The Company believes this Scoping Study clearly demonstrates the advantages and possible value accretion of the LMFP Strategy, validating the strategy to build an initial Battery Grade Manganese Sulphate plant in China. Building a team of in-country experts is a key pillar for the future success and execution of the Company’s strategy. For the last six months Firebird has been consulted to by Mr Zhou Qiyun who has vast manganese sulphate experience spanning over 25 years in the production, development, and optimisation of manganese sulphate plants in China. Scoping Study The Company has completed Scoping Studies envisioning the production of Battery Grade Manganese Sulphate feed with manganese concentrate from the Oakover Project. The Company considers production of Battery Grade Manganese Sulphate in China as the preferred location to provide optimum value and returns for all Firebird shareholders. The in-house China-based Battery Grade Manganese Sulphate Scoping Study looks to develop a plant with a total capacity of 72,000 battery grade manganese sulphate equivalent producing 50,000 tpa of Battery Grade MnSO4 and 10,000 tpa of Mn3O4 capacity in China from manganese concentrate. Economic assumptions for the study assume that manganese concentrate is able to be sourced from Oakover (or third parties) at prevailing forecast market prices. Unit 38, 460 Stirling Highway Peppermint Grove WA 6011. ABN: 24 610 035 535 +61 8 6245 9818 admin@firebirdmetals.com.au ASX:FRB 6 www.firebirdmetals.com.au The Company has carried out extensive due diligence on possible factory locations within China, visiting 10 industrial park sites in different provinces. The Company has considered all facets when visiting these industrial parks, from availability of sulphuric acid, steam, key reagents, proximity to customers, transportation routes and factory residue consumers. Firebird will announce is preferred location as part of the next phase PFS study. The Company will process concentrate through ore preparation, leaching, reagent addition, multi-stage precipitation, impurity removal and 2-stage crystallisation to produce key Battery Grade MnSO4 and Mn3O4. The Company’s Oakover project is located 85 km east of Newman in the Eastern Pilbara region of Western Australia. Access to Oakover is via Great Northern Highway, Marble Road and Jigalong Road. Oakover comprises of three granted exploration licenses, with the central license E52/3577 holding the Sixty Sixer, Jay Eye & Karen prospects, which host an MRE of 176.7 Mt @ 9.9% Mn, with 105.8 Mt @ 10.1 % Mn in the Indicated Mineral Resource category and 70.9 Mt at 9.6 % Mn in the Inferred Mineral Resource category. For full details refer ASX announcement dated 10/3/2022 and ASX announcement dated 23/3/2023. Figure 1: high level manganese production process for battery cathodes Unit 38, 460 Stirling Highway Peppermint Grove WA 6011. ABN: 24 610 035 535 +61 8 6245 9818 admin@firebirdmetals.com.au ASX:FRB 7 www.firebirdmetals.com.au China-based Manganese Plant The Battery Grade Manganese Sulphate circuit will grind manganese concentrate from Oakover, where it will be leached in a leach tank with Sulfuric Acid and reagents and the tanks heated to produce a pregnant leach solution (PLS). Once leached the PLS will be further purified through multiple precipitation stages. The solution will then be crystallised in a two-stage crystallisation process to produce Battery Grade MnSO4. The details of the reagents used are commercially sensitive and of a confidential nature. Mn3O4 will be produced by taking the solution after Stage 1 Crystallisation and process it through its own circuit, with the addition of further reagents and second stage crystallisation. Mn3O4 has a typical Mn content of 71.5%. Figure 2: Block flow Diagram The Company’s flow sheet has been designed based on test work completed initially in Australia and then in China with significant input from the Company’s Chinese Technical consultant, Mr Zhou. The flow sheet has been developed and refined based on Mr Zhou’s 25 years of experience in the production, development and optimisation of manganese sulphate plants in China. Mr Zhou Qiyun, is a graduate of the Hunan University of Chemical Engineering, with a major in Chemical Process Engineering. Mr Zhou’s career has spanned more than 25 years and has been largely focused on manganese sulphate processing. Furthermore, Mr Zhou is a specialist in Mechanical Vapor Recompression (MVR) and holds numerous patents in generational redesigns for MVR crystallisers. Mr Zhou has previously been a part-owner of a manganese sulphate plant in China and has consulted to numerous manganese sulphate plants for both process and crystallisation optimisation. Unit 38, 460 Stirling Highway Peppermint Grove WA 6011. ABN: 24 610 035 535 +61 8 6245 9818 admin@firebirdmetals.com.au ASX:FRB 8 www.firebirdmetals.com.au A bench scale amenability testwork program was conducted on a sample of 30% Mn concentrate that was generated from diamond drill core from all Oakover manganese ore domains of the Sixty Sixer, Jay-Eye and Karen deposits, which had been crushed, screened, scrubbed, and beneficiated. Leaching tests on ground concentrate confirmed the amenability of the Oakover concentrate to the proposed reductive leaching process. The resultant manganese sulphate leach solution was subjected to a sequence of impurity removal steps, followed by production of manganese sulphate crystals. Trace element analyses for typical impurity elements was conducted to determine impurity levels in the crystals and levels of individual impurity elements listed in the Manganese Sulphate for Battery Materials Specification (HG/T 4823-2015) were within specified limits, also confirming the suitability of the purified manganese sulphate solution for production of Mn3O4 and HPMSM used in LMFP batteries. The metallurgical testwork results underpin the selection of the flowsheet for the Scoping Study, which is largely based on processes that are proven in full scale production plants on similar feed materials. Chinese Location consideration Figure 3: Sites inspected in China Unit 38, 460 Stirling Highway Peppermint Grove WA 6011. ABN: 24 610 035 535 +61 8 6245 9818 admin@firebirdmetals.com.au ASX:FRB 9 www.firebirdmetals.com.au The Company has carried out extensive due diligence on possible factory locations within China, visiting 10 industrial park sites in different provinces. The Company has considered various facets of the project when visiting these industrial parks, including availability of sulphuric acid, steam, key reagents, and proximity to customers, transportation routes and factory residue consumers. The Company will announce is preferred location as part of the next phase PFS study. Key criteria for site selections are: o Logistics for importing ore and transport products o Proximity to customers o Electricity prices o Proximity to acid & reagents suppliers o Industrial boiler to supply steam o Tailing disposal (proximity to cement factories) o Local government support and investment environment o Skilled labour force and cost o Ability to expand Chinese plant Study Pricing and Financials The price used in this Study is based on the Benchmark Minerals price forecast for Battery Grade Manganese Sulphate for China domestic trade. With an average of US$1419 Ex factory including VAT. The price used for Mn3O4 is a management assumption extrapolated from the battery grade manganese sulphate forecast. Feed pricing has been based on the company’s long term market view as per the Concentrate scoping study sales price of US$4.80/CIF China. Please refer to the ASX announcement of 30th August 2023 for full details. All financial results are on a pre-tax basis, Chinese company tax is 25%, Firebird has ongoing and incomplete discussions with appropriate Chinese government agencies around potential tax incentives, the result of these discussions are expected to be announced through PFS. Total investments CAPEX MnSO4 CAPEX Mn3O4 Other facilities Contingency 30% Total civil & CAPEX LAND Total project USD M 34.3M 13.7M 11M 17.7M 76.7M 5.6M 82.3M Table 1: Capital Estimates Summary34 3 Excluding working capital and finance costs 4 Based on Q4 2023 costings and has no allowance for inflation or deflation Unit 38, 460 Stirling Highway Peppermint Grove WA 6011. ABN: 24 610 035 535 +61 8 6245 9818 admin@firebirdmetals.com.au ASX:FRB 10 www.firebirdmetals.com.au USD/mt (metric tonne) Cost Summary Ore Feed Cost (1.15mt per 1mt of Battery Grade MnSO4) USD/mt (metric tonne) $176.0 OPEX for 1mt of Battery Grade MnSO4 Processing Costs and reagents $328 Labour $41 Maintenance $21 Contingency $93 $483 $659 Total Cost for 1mt of Battery Grade MnSO4 OPEX for 1mt of Mn3O4 2.3mt of Battery Grade MnSO4 $1,500 Processing Costs and reagents $795 Labour $41 $2,336 Total cost for 1mt of Mn3O4 Table 2: Project Opex – Financial Model34 China-based Battery Grade Sulphate plant Ore Feed Ktpa Battery Grade MnSO4 produced Ktpa Mn3O4 Produced Ktpa 80.5 50 10 Battery Grade MnSO4 price (China) Mn3O4 price (China) US$/mt US$/mt $1,419 $3,365 US$ $331 47% 2 years US$/mt US$/mt $659/t $2,336/t US$ US$ $48.3M $82.3M 7.3 NPV 8% disc pre tax IRR pre tax Simple Payback Operating Cost - BG MnSO4 Operating Cost – Mn3O4 Annual EBITDA AVERAGE pre tax CAPEX CNY/USD exchange rate Table 3: Key Financial (Based on 15 Year plant operation) 134 Sensitivities The Scoping Study is most sensitive to the manganese sulphate and Mn3O4 prices and reagent costs while being relatively insensitive to capital costs. Unit 38, 460 Stirling Highway Peppermint Grove WA 6011. ABN: 24 610 035 535 +61 8 6245 9818 admin@firebirdmetals.com.au ASX:FRB 11 www.firebirdmetals.com.au The Scoping Study has a NPV of approximately US$331 M, an exceptional IRR of 47% and an average EBITDA of approximately US$48.3M per annum. • • • • 10% increase in prices increases NPV to approximately US$419 M pre tax 10% decrease in price decreases NPV to approximately US$242 M pre tax 10% increase in cost decreases NPV to approximately US$302 M pre tax 10% decrease in cost increases NPV to approximately US$359M pre tax Category Sulphate Processing Chinese Capital Chinese logistics Manganese Market Exchange Rate Sales price Source Mr Zhou FRB Management and Mr Zhou FRB Management and Mr Zhou FRB Management FRB Management FRB management and Benchmark Minerals Limited Table 4: Key Inputs for China-based in-house Manganese Sulphate Scoping Study Project Funding The Project’s low risk, technically simple and strong economic fundamentals provide a strong platform for Firebird to source traditional financing through debt and equity markets, in addition to pursuing other financing strategies should this be to the benefit of shareholders. There is, however, no certainty that Firebird will be able to source funding as and when required. No formal funding discussions have commenced; however, Firebird has engaged with a number of financial institutions and potential partners which have expressed a high level of interest in being involved in the funding of the Project. To achieve the range of outcomes indicated in the Scoping Study, pre-production funding of approximately US$82.3M. It is envisioned that a working capital / shipment financing of approximately US$13.9M will be required during commencement of mining and processing, finance costs of these funds have been built into the financial model. Typical project development financing would involve a combination of debt and equity. Firebird has formed the view that there is a reasonable basis to believe that requisite future funding for development of Oakover will be available when required. There are grounds on which this reasonable basis is established including: • • • • Global debt and equity finance availability for high-quality projects remains robust The Project is low risk, technically simple and has a rapid payback of only less than 2 years from commercial productio