o Significantly reduced up-front capex of US$254.6m (pre-contingency) o Potential for subsequent phases to be funded from internal cash flows o Estimated NPV o Forecast EBITDA in first full year of phase 4 production of US$491.4m · Demonstration of flexibility and additional potential of Khemisset · Emmerson to continue Project development utilising outputs of this phased approach study Overview Building on the Feasibility Study ( FS ) (refer announcement 1 June 2020), the Company has completed a concept study to examine the potential to develop Khemisset using a four-phased approach to reduce upfront capital costs and execution risk, and plan additional expansion stages to ensure that its economic value is fully developed.
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