Leigh Creek Energy's (LCK) project has been renamed the Leigh Creek Urea Project, or LCUP, from its previous named "Leigh Creek Energy Project (LCEP)". transition from energy to urea has taken place over the last few years. The project started out as an energy (gas, electricity) project but this has evolved as the economic case for domestic urea manufacture has developed, reducing the energy project to a crucial, but ever smaller part of the project. Why urea? The reasons for settling on urea as an end product were twofold - commercial and carbon related: Commercial- The Preliminary Feasibility Study of October 2020 confirmed intention to produce urea as it was the option showing the best returns to shareholders at the lowest risk while at the same time being the most environmentally responsible option. Carbon: The production is not only commercially compelling but a good fit with one of ESG goals - revised target of carbon neutral by 2022. As approximately 75% of carbon produced during the production of gas and the manufacture of ammonia is recycled and reused in making urea. The use of CO2 in the manufacture of urea is a major contributor to being able to become carbon neutral. LCUP Recent Key Progress: This development follows several other recent milestones: November 2020: Grant of Production Petroleum License (PPL) - the final and ultimate approval LCK requires for the Project's upstream, or underground, gasification operations. November 2020: Pre-Feasibility Study (PFS) outcomes, based on the successful Pre-Commercial Demonstration (PCD), showed a commercially robust IRR of 30% and Net Present Value of AUD 3.4B. March 2021: Final Investment Decision for Stage 1 of the project. June 2021: LCK awarded the Engineering, Procurement, Construction, Commissioning and Finance (EPCCF), contract to leading global engineering, procurement and construction contractor, DL E&C Co. Ltd. The contract encompasses the bankable feasibility study, front end engineering design, final investment decision and the EPCC. It also includes the sourcing of AUD 1.5 billion of finance. July 2021: Acquisition of generators to power upstream# operations for Stage 1 of the project. Key features of the LCUP include: The only urea project globally to be carbon neutral from 2022. Lowest-cost producer of urea in Australia. Urea production prices at $109/tonne placing the LCUP in the lowest cost quartile of global urea producers. Manufacturing input price stability over the life of the project as all major cost inputs (gas, power, infrastructure) controlled by LCK on site. Provides additional security to a critical product for the Australian agricultural sector and avoid risks associated with transport, exchange rates, commodity prices and import logistics. Project life span of 30+ years.