Announcement PDF ABX Group Limited ABN 14 139 494 885 Annual Report - 31 December 2025 ABX Group Limited Contents 31 December 2025 1 Corporate directory 2 Chair's letter 3 Directors' report 4 Auditor's independence declaration 27 Statement of profit or loss and other comprehensive income 28 Statement of financial position 29 Statement of changes in equity 30 Statement of cash flows 32 Notes to the financial statements 33 Consolidated entity disclosure statement 61 Directors' declaration 62 Independent auditor's report to the members of ABX Group Limited 63 Shareholder information 67 ABX Group Limited Corporate directory 31 December 2025 2 Directors Joycelyn Morton (Non-Executive Chair) Dr Mark Cooksey (Managing Director & CEO) Ian Levy (Executive Director) Company secretary Mathew Watkins Registered office Suite 2, Level 11, 385 Bourke Street Melbourne, VIC 3000 Principal place of business Suite 2, Level 11, 385 Bourke Street Melbourne, VIC 3000 Telephone: +61 3 9692 7222 Fax: +61 2 9956 7355 Website: www.abxgroup.com.au Share register Computershare Investor Services Pty Limited Level 3, 60 Carrington Street Sydney NSW 2000 Telephone: 1300 850 505 Auditor K.S. Black & Co. Level 5, 350 Kent Street Sydney NSW 2000 Telephone: +61 2 8839 3000 Bankers Australia & New Zealand Banking Group Limited 20 Martin Place Sydney NSW 2000 Telephone: +62 2 9227 1818 St George Bank Limited Level 14, 182 George St Sydney NSW 2200 Telephone: +61 2 9236 2230 Stock exchange listing ABX Group Limited shares and options are listed on the Australian Securities Exchange (ASX code: ABX). ABX Group Limited Chair's letter 31 December 2025 3 CHAIR’S LETTER Dear fellow shareholders, It has been a transformational year for ABx Group and I am pleased to present the Annual Report for 2025. Whether looking at our rare earth project in northern Tasmania, our industrial chemicals subsidiary ALCORE or our bauxite opportunities in Tasmania, QLD and NSW, all of our assets have substantially accelerated along the development pathway. The progress at our Deep Leads rare earth project is particularly exciting, with ABx successfully producing a maiden mixed rare earth carbonate product (MREC) from material extracted from our Deep Leads project. It is worth reiterating that the economics of rare earths differ from that of traditional commodities where grade is the conventional measure for success. At Deep Leads, we boast some of the highest grades of heavy rare earths in the Western world. However, the grade only tells half the tale. Extraction of these critical minerals is just as important, with many deposits requiring expensive processing to unlock the mineralisation. These requirements can make even high grade deposits uneconomic. Deep Leads is significant as we have confirmed the unique properties of our ionic clay hosted deposit. These ionic clays have exceptional properties translating into simpler extractions. For ABx shareholders, this means our ore can be processed at ambient temperatures and pressures while using exceptionally benign acids. All of this equates to lower cost operations and higher production margins. Aside from technical feasibility, the MREC is also significant as it demonstrates to potential customers that we can deliver a product which is rich in valuable heavy rare earths such as dysprosium and terbium. We have provided MREC samples to multiple customers for evaluation. With fragmented supply chains across the world and increasingly protective trade policies affecting heavy rare earths, the emergence of Deep Leads is exceptionally well timed. Concurrent with all of these developments, the team at ALCORE have been steadily developing our Bell Bay continuous pilot plant, which is poised for major advancements in 2026. The plant is another step in the commercialisation of some world- leading innovation to harvest an aluminium smelter by-product to produce high-value industrial chemicals. With a prime location, adjacent to Rio Tinto’s Bell Bay aluminium smelter and orders for key equipment being fulfilled, we are all looking forward to commencement of operations in the coming months. The technology has the potential to solve a global challenge and bring Australian ingenuity to the world-stage. Finally, I am pleased to see the execution of our partnership with GII to develop the Company’s bauxite projects in QLD and NSW. GII have been excellent partners with strong knowledge at both the project level and international customer procurement. Our partnership provides a real opportunity to bring our projects into production at a time when bauxite is particularly in demand, returning value to shareholders. It has been an exciting year, and I look forward to another major period of success in 2026. Yours faithfully, Joycelyn Morton ABX Group Limited Directors' report 31 December 2025 4 The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'Consolidated entity' or 'the Group') consisting of ABX Group Limited (referred to hereafter as the 'Company' or 'parent entity') and the entities it controlled at the end of, or during, the year ended 31 December 2025. Review of Operations ABx Group (ABx) is a uniquely positioned Australian company delivering materials for a cleaner future. The current areas of focus are: • Heavy rare earths: Supplying light and heavy rare earths from Tasmania into Western supply chains • Clean fluorine chemical production: Producing industrial chemicals from aluminium smelter by-product (ALCORE) • Near-term bauxite production: Mining bauxite resources for the aluminium, cement and fertiliser industries ABx endorses best practices on agricultural land and strives to leave the land and environment better than we find it. We only operate where welcomed. Advancing Rare Earth Project in Tasmania During 2025, a major achievement was the production of the maiden mixed rare earth carbonate (MREC) sample product from the Deep Leads resource in northern Tasmania. This involved a program of leaching, impurity removal and MREC precipitation tests at a range of scales in-house and at ANSTO, culminating in the production of an MREC that contained 4.0% dysprosium (Dy) and 0.7% terbium (Tb) as a percentage of total rare earth oxides (TREO), more than twice that of any other peer MREC. Samples of the maiden MREC were dispatched to multiple prospective customers. Process options studies were conducted with engineering partners, which involved studies of several leaching options. The results from column leach tests, which are an industry standard simulation of a heap leach, exceeded expectations and confirmed that high extractions can be achieved from the Deep Leads rare earth resource using a range of flowsheet options. This provides ABx with significant flexibility and scope for optimisation. ABx continued to advance its rare earth exploration program at its portfolio of tenements in northern Tasmania. One Exploration Licence was granted and two others are in progress. The first drilling programs were conducted in tenements EL27/2022 and EL28/2022 located southeast of Launceston. This led to the designation of two new rare earth discoveries, ‘T8’ and ‘T30’. Piloting Fluorine Chemical Technology ALCORE commenced the year securing a lease agreement with Rio Tinto Aluminium Limited for an industrial facility adjacent to its Bell Bay aluminium smelter in northern Tasmania to develop a continuous pilot plant.1 The pilot plant will be used to demonstrate a world-first proprietary process to produce industrial chemicals from an aluminium smelter by-product. All key equipment for the pilot plant was ordered in April 2025, including the oleum plant, bath reactors, and scrubbers.2 By October, legacy equipment had been removed from the site and auxiliary systems had been manufactured by external suppliers, including the wastewater treatment plant, demineralised water system and air compressor package.3 Detailed mechanical designs and fabrication drawings have been completed for all major process equipment packages. These equipment packages are scheduled to be delivered and assembled from Q1 2026.4 Following a successful placement to sophisticated and professional investors in November, the continuous pilot plant is fully funded to operation, supported by an R&D tax offset of $298,000 for ALCORE activities undertaken in FY2024, as well as receipt of Overseas Finding approval by AusIndustry which sees overseas R&D activities potentially become eligible if the R&D cannot be conducted in Australia, for example because it requires facilities, expertise or equipment not available within the country. 1 ASX announcement, 15 January 2025 2 ASX announcement, 9 April 2025 3 ASX announcement, 15 October 2025 4 ASX announcement, 28 November 2025 ABX Group Limited Directors' report 31 December 2025 5 Progressing Bauxite Operations ABx is progressing its Australian bauxite projects amid volatile global bauxite prices, influenced by supply disruptions in Guinea and China. In September, ABx Group executed a series of agreements with Good Importing International Pty Ltd (GII) to develop the ABx bauxite projects in Queensland and, potentially, New South Wales (Proposed Transactions).5 In October, ABx received $2.7 million in Stage 1 funding from GII, with GII now owning 70% of ABx3, the subsidiary developing the Sunrise Bauxite Project.6 The funds from Stage 1 Completion will be used to finalise the project design for the extraction of at least 800,000 tonnes of direct shipping ore bauxite from the Binjour mine and export through Bundaberg port. The Stage 1 program is expected to take 12-24 months. Subject to Stage 1 completion, GII will invest a further $2.7m by way of share subscription to increase its ownership in ABx3 to 75%. In December, GII also paid a non-refundable fee of $300,000 to extend the option period by six months to invest in ABx2, a wholly-owned subsidiary possessing the Taralga and Penrose Bauxite Projects in New South Wales.7 GII now retains an exclusive option to 11 June 2026, to invest A$4.8m to acquire a 75% interest in the ABx Taralga and Penrose Bauxite Projects. Rare Earths Project Advances Through Spectacular MREC ABx is aiming to establish Australia’s first ionic rare earths project by taking advantage of the location and unique mineralisation at Deep Leads, where a MREC with high heavy rare content will be produced and sold to rare earth separation plants. During 2025, a major achievement was the production of the maiden MREC sample product from the Deep Leads resource in northern Tasmania. This involved a program of leach, impurity removal and MREC precipitation tests at a range of scales in-house and at ANSTO, culminating in the production of an MREC that contained 4.0% dysprosium (Dy) and 0.7% terbium (Tb) as a percentage of total rare earth oxides (TREO), more than twice that of any other peer MREC. The high proportions of Dy, Tb and other high value rare earths means that the ABx MREC has a high basket price. ABx deposits are essentially free of uranium and thorium. Post period end, further testing by ANSTO confirmed that the specific radioactivity of the maiden MREC was sufficiently low to meet the exemption criteria for control as set by the International Atomic Energy Agency.8 Samples of the maiden MREC were dispatched to multiple prospective customers. The first formal feedback was highly favourable.9 A second major initiative was process options studies conducted with engineering partners, which involved studies of several leaching options. In tank leaching, the clay ore is added to tanks containing an ammonium sulfate solution. The tanks are stirred to produce a slurry, which ensures good contact between the ore and the ammonium sulfate. Heap leaching is lower cost and quicker to build than tank leaching. It involves forming a heap of clay ore on an impermeable, gently sloping pad and irrigating from above with leachate. The leachate percolates downward through the heap and extracts rare earths into solution. The enriched solution is collected at the base. Heap leaching is potentially lower capital cost than tank leaching, because less capital equipment is required. ABx engaged ANSTO to conduct two column leach tests, where are an industry standard simulation of a heap leach. These tests were completed just after period end. Both column tests achieved more than 80% extraction of total rare earths, including over 70% extraction of Dy and terbium Tb. The results exceeded expectations and confirm that high extractions can be achieved from the Deep Leads rare earth resource using a range of flowsheet options. This provides ABx with significant flexibility and scope for optimisation. ABx engaged ANSTO to produce a second MREC from the liquor from these column leach tests. This MREC was found to be even better than the maiden MREC – more heavy rare earths and less of the most important impurities.10 5 ASX announcement, 12 September 2025 6 ASX announcement, 9 October 2025 7 ASX announcement, 9 December 2025 8 ASX Announcement, 2 March 2026 9 ASX Announcement, 20 March 2026 10 ASX Announcement, 16 March 2026 ABX Group Limited Directors' report 31 December 2025 6 ABx continued to advance its rare earth exploration program at its portfolio of tenements in northern Tasmania (Figure 1). Exploration Licence EL25/2022 covering 18km2 of highly prospective tenure, located between the existing Rubble Mound and Wind Break deposits, was granted for an initial five-year term.11 Exploration Licence Applications EL14/2025 and EL1/2026 are in progress. The first drilling programs were conducted in tenements EL27/2022 and EL28/2022 located southeast of Launceston. This followed development of a sophisticated exploration technology which ABx tested successfully at four sites. Many of the holes contained intercepts exceeding the 350 ppm TREO-CeO2 cut-off grade used in previous resource estimates. This led to the designation of two new rare earth discoveries, ‘T8’ and ‘T30’. Figure 1: ABx Group tenements in northern Tasmania Rare Earths Strategy Rare earths have many applications in a wide variety of industries. Permanent magnets are the most valuable application, representing over 90% of the total value of rare earths demand. Permanent magnets are used in electric vehicles, wind turbines, robots, smartphones and military applications. The four most important rare earths for permanent magnets are neodymium (Nd), praseodymium (Pr), dysprosium (Dy) and terbium (Tb). The demand for these four rare earths is predicted to grow significantly in coming years, potentially leading to significant supply shortfalls. The supply risk is highest for dysprosium and terbium, the two heavy rare earths that enable permanent magnets to perform at high temperatures. Most rare earths are sourced from hard-rock mineral deposits, typically requiring costly mining and processing plants with significant lead times to reach production. An alternative source of rare earths is clay-hosted deposits. These typically contain a mixture of ionically adsorbed (ionic) rare earths and non-ionic rare earths. The relative proportion of each varies enormously in different deposits. The ionic rare earths can be leached using a low-cost three-step process that has been used commercially for many decades. The other typical major advantages of ionic rare earths are: • Higher proportion of heavy rare earths compared to mineral deposits • Low concentrations of radioactive elements such as uranium and thorium • Exist at shallow depth 11 ASX Announcement, 12 December 2025 500000 525000 5 00000N 5 5000N ABX Group Limited Directors' report 31 December 2025 7 Existing and prospective rare earth refineries are seeking high quality MRECs produced at low cost. MRECs with high proportions of heavy rare earths such as Dy and Tb are in particular demand because these elements have the most acute supply risk. Deposits of ionic rare earths have historically been mined predominantly in southern China. ABx has reported a JORC-compliant mineral resource of 89 million tonnes12 at its Deep Leads - Rubble Mound and Wind Break deposits.13 The resource contains 36 ppm Dy+Tb14 and Dy+Tb is 4.3% of TREO, the highest proportion of any clay- hosted rare earth deposit in Australia and among the highest globally. Furthermore, the level of radioactive elements is very low (2 ppm U2O3 and 6 ppm ThO2). This is complemented by a portfolio of deposits and exploration tenements in northern Tasmania. Leaching tests conducted by Australian Nuclear Science and Technology Organisation (ANSTO) found the highest ionic extractions reported from any clay-hosted resource in Australia.15,16 ABx has produced its maiden MREC product from the Deep Leads resource.17 The MREC contains 4.0% Dy and 0.7% Tb as a percentage of TREO, more than twice that of any other peer MREC. Highly favourable feedback has been received from customers. ABx has excellent prospects of meeting customer requirements because: 1. ABx achieved high extractions at ambient temperatures and pressures with minimal acid in a short time, which is likely to lead to lower cost and lower impurities in the MREC product. For most clay-hosted rare earth deposits globally, minimal rare earth extraction is achieved using these process conditions; 2. The ABx MREC has a significantly higher proportion of Dy and Tb compared to peers. Magnet rare earth prices remain high, with Benchmark18 reporting Dy oxide (DDP China) at over US$200/kg and Tb oxide (DDP China) at over US$900/kg. Furthermore, CIF Europe prices for Dy and Tb are over three times higher than Chinese domestic prices, illustrating the potential premium for non-China sources of rare earths. The ABx rare earth deposits are in accessible forest plantations near major towns, highways, ports and grid hydropower. ABx has executed a Memorandum of Understanding with Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF),19 which plans to develop heavy and light rare-earth processing facilities in the US and Canada. ABx is also in discussions with other potential offtake partners. ABx is focusing on the following three areas that are the key to commencing commercial production of an MREC as soon as possible: • Resource Growth: Continue exploration throughout its expanding tenement holdings in northern Tasmania to expand the resource size and identify optimum projects • Project Design: Complete economic studies to optimise project design, supported by metallurgical studies conducted in-house and with partners such as ANSTO and engineering partners • Customer Engagement: Grow the relationships and partnerships with several Australian and international customers, such as Ucore Rare Metals and Rare Earth Technologies 12 1 Mt inferred, 2 Mt indicated and 6 Mt measured 13 ASX Announcement, 2 May 202 14 Dy+Tb = Dy2O + Tb O 15 ASX Announcement, 1 May 2022 16 ASX Announcement, 2 February 202 17 ASX Announcement, 2 December 2025 18 Benchmark Mineral Intelligence, 2 November 2025 19 ASX Announcement, September 202 ABX Group Limited Directors' report 31 December 2025 8 Clean Fluorine Chemical Production ALCORE’s vision is to establish the production of hydrogen fluoride and aluminium fluoride in Australia, using an aluminium smelter by-product as feed material. The focus during 2025 was the design and construction of the continuous pilot plant at the ALCORE Technology Centre (ATC) in Bell Bay, Tasmania (Figure 2). All key equipment for the pilot plant was ordered in April, including the oleum plant, bath reactors, scrubbers and cooling tower.20 Demolition and removal of legacy equipment was completed in October.21 Infrastructure upgrades, including power supply expansion, low-voltage electrical distribution, equipment foundations and hazardous chemical bunding were designed according to equipment specifications and Australian regulatory standards. Auxiliary systems were manufactured by external suppliers, including the wastewater treatment plant, demineralised water system and air compressor package. These systems will be delivered to site and installed after equipment foundations and utilities are prepared. Detailed mechanical designs and fabrication drawings were completed for all major process equipment packages. These are reviewed by Australian-registered professionals to ensure compliance with Australian Standards, safety regulations, site- specific criteria and process operability requirements. Manufacture of these major process equipment packages will commence immediately upon approval of the review. In addition, ALCORE has begun recruiting additional staff to deliver the construction, commissioning and operation of the continuous pilot plant. A Site Operations Manager has been appointed, and the recruitment of two process engineers is in progress. AusIndustry approved an Overseas R&D Finding application,22 which recognises that certain development activities with South African fluorochemical engineering consultant BFluor Chemicals and international equipment suppliers cannot be performed in Australia. The ruling covers overseas R&D expenditure for 2024–2026, including more than $2 million of capital costs for the Bell Bay continuous pilot plant. This outcome strengthens ALCORE’s technology development and underscores its collaboration with specialised international partners. ALCORE submitted an application for a Commercialisation and Growth Grant of $3.03 million from the Federal Government Industry Growth Program, which is designed to support small and medium enterprises (SMEs) undertaking innovative commercialisation and/or growth projects within the priority areas of the Australian Government’s National Reconstruction Fund. It is expected that the application will be assessed by mid-2026. (a) Satellite view (b) Front view 20 ASX Announcement, 9 April 2025 21 ASX Announcement, 15 October 2025 22 ASX Announcement, September 2025 Bell Bay aluminium smelter ABX Group Limited Directors' report 31 December 2025 9 (c) 3D model Figure 2: ALCORE Technology Centre in Bell Bay, Tasmania Clean Fluorine Chemicals Strategy The main applications of hydrogen fluoride are to produce fluorocarbons, such as refrigerants and polymers, and aluminium fluoride. It is also used in the manufacture of semi-conductors, solar cells and lithium-ion batteries, which is the most rapidly growing application. The global market for hydrogen fluoride is over US$3 billion per year. Hydrogen fluoride is mainly produced from fluorspar, which is obtained from the mineral fluorite. Fluorspar is relatively high cost and has been identified as a critical material by all major jurisdictions, including Australia. Australia does not mine any fluorite, or produce any fluorspar, hydrogen fluoride or aluminium fluoride, and so must import all its requirements. The present Australian demand for hydrogen fluoride is small and it is imported at high cost. There are prospects for demand growth, but this will be difficult to satisfy without local production. Aluminium fluoride is an essential chemical for aluminium metal production. Australia is the largest global producer of aluminium metal without its own domestic aluminium fluoride production, so Australian aluminium smelters rely entirely on imported aluminium fluoride, typically more than 80% from China. Most modern aluminium smelters produce excess ‘bath’ as a by-product, a solid powder that contains about 50% fluorine, for which the only meaningful market is new smelters that require bath to commence operations. Aluminium industry forecasts suggest that the global bath market will increasingly be in surplus, because far fewer new smelters are being constructed. All the major global aluminium producers are eager for alternative applications for excess bath, to avoid the unpalatable options of on-site storage or landfill. ALCORE has developed a world-first proprietary process to produce industrial chemicals from aluminium smelter bath. The major products are hydrogen fluoride and metal sulfates. The hydrogen fluoride is combined with aluminium hydroxide to produce aluminium fluoride via an existing commercial process. The combined approach is illustrated in Figure 3. The metal sulfates can potentially be sold as a single industrial chemical or further processed into multiple industrial chemicals. A range of options is being assessed. ALCORE intends to construct commercial hydrogen fluoride and aluminium fluoride plants in Bell Bay, Tasmania. The process to produce hydrogen fluoride has been operated at pilot scale in a batch reactor. The next stage is to construct and operate a bath continuous pilot plant, the outcomes of which will be: 1. Selection of reactor designs and process conditions for the commercial plant 2. Production of saleable hydrogen fluoride for evaluation by customers ABX Group Limited Directors' report 31 December 2025 10 ALCORE has secured the support of Rio Tinto23 and the Tasmanian Government24 to locate the pilot plant in an existing industrial facility adjacent to the Bell Bay aluminium smelter in northern Tasmania. Figure 3: Circular economy approach of production of clean fluorine chemicals from aluminium smelter bath 23 ASX Announcement, 15 January 2025 24 ASX Announcement, 19 December 202 ABX Group Limited Directors' report 31 December 2025 11 Clean Fluorine Chemicals Project Development ABx is focusing on the following three areas that are the key to commencing commercial production of hydrogen fluoride and aluminium fluoride as soon as possible: • Pilot Plant: Construct and operate the continuous pilot plant to validate commercial design parameters • Project Design: Complete economic studies to optimise project design, supported by international engineering partners • Customer Engagement: Grow the relationships and partnerships with Australian and international customers Bauxite Operations The ABX strategy is to selectively produce metallurgical grade, cement grade and fertiliser grade bauxite, with a focus on profitability. The Company has made substantial progress in executing this strategy at its projects in Queensland and, potentially, New South Wales via its agreements with Good Importing International (GII) in September 2025.25 Sunrise Project, Queensland The Sunrise Bauxite Project consists of a JORC-compliant resource of 37 million tonnes26 of gibbsite-type metallurgical bauxite at Binjour and port operations at Bundaberg port (Figure 4). GII will invest up to $5.4m in two stages to acquire up to a 75% interest in ABx3 Pty Ltd (ABx3), which holds the Sunrise Bauxite Project assets. GII has made the Stage 1 $2.7 million payment to earn 70% ownership of ABx3.27 The funds are being applied to finalise mine planning, environmental and port approvals for the initial direct shipping ore (DSO) program. Stage 2 funding of a further $2.7 million will follow upon completion of Stage 1 milestones. The Stage 1 program is expected to be complete in 2027. The timing is mainly dependent on securing environmental approvals. Taralga and Penrose Projects, New South Wales The Taralga deposit consists of a JORC-compliant resource of 38 million tonnes28 of gibbsite-type metallurgical bauxite, located 200 km inland from Port Kembla (Figure 5). The Penrose discovery is a layer of refractory-grade bauxite in Penrose state pine forest, adjacent to the Hume Highway, 90 kilometres from Port Kembla.29 GII agreed to an exclusive option to invest $4.8m to acquire a 75% interest in the ABx Taralga and Penrose Bauxite Projects. GII paid a non-refundable fee of $300,000 fee to extend the option to 11 June 2026.30 The fee will be credited against the $4.8m investment if the option is exercised and completed. A portion of the $300,000 fee is anticipated to be deployed on Taralga project studies being conducted jointly by ABx and GII. Table 1: ABx bauxite resources subject to agreements with Good Importing International (GII) Location State ABx Subsidiary Resource (Mt) Inferred Indicated Total Binjour QLD ABx3 14.2 22.8 37.0 Taralga NSW ABx2 17.5 20.4 37.9 Penrose NSW ABx2 - - - 25 ASX Announcement, 12 September 2025 26 ASX Announcement, 18 June 2018 and Table 1 27 ASX Announcement, 9 October 2025 28 ASX Announcement, 1 May 2012 and Table 1 29 ASX Announcement, 2 February 201 30 ASX Announcement. 9 December 2025 ABX Group Limited Directors' report 31 December 2025 12 Figure 4: Sunrise Bauxite project (mine at Binjour and port at Bundaberg) Figure 5: Taralga and Penrose Bauxite Projects, and port at Port Kembla ABX Group Limited Directors' report 31 December 2025 13 DL130 Bauxite Project: Tasmania ABx plans to recommence bauxite mining at the DL130 Bauxite Project, located about 50 km west of Launceston. In September 2023, an agreement was executed with Adelaide Brighton Cement Limited (ABCL) for the supply of cement- grade bauxite to ABCL’s Birkenhead cement manufacturing operation in South Australia.31 The agreement forecasts supply of 90,000-120,000 tonnes of bauxite over a five-year term. Throughout 2025, ABx Group continued to progress the project through the approval processes of Mineral Resources Tasmania, the EPA and Meander Valley Council. ABx has completed all environmental approvals and Meander Valley Council approved the planning permit, subject to some conditions. ABx appealed some aspects of the Council decision to the Tasmanian Civil & Administrative Tribunal (TASCAT). A representor also appealed the decision. All parties are participating in mediation, which continues. In Q4, Mineral Resources Tasmania granted Mining Lease 2142P/M for the project. This means that commencement of bauxite quarrying is only subject to resolution of the planning permit appeal. Corporate Risks The Group’s operating and financial results and performance are subject to various risks and uncertainties, some of which are beyond the Group’s reasonable control. Set out below ar