Sembehun Project Feasibility and Market Dynamics

Appendix E: TZMI Pricing – Sembehun PFS - Sierra Rutile Limited The Sembehun PFS is based on TZMI Base price forecasts as set out below. Beyond 2035, TZMI's long term Base price of US$1,223/t of rutile (2021 real) is assumed. TZMI forecast rutile price (2022 to 2035) US$/t FOB rutile (real 2021) 2,000 1,500 1,000 500 LT (real) Base price: US$1,223/t 2022f 2023f 2024f 2025f 2026f 2027f 2028f 2029f 2030f 2031f 2032f 2033f 2034f 2035f Low Base High 34

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