Sembehun Project Feasibility and Market Dynamics

Appendix E: TZMI Pricing – Sembehun PFS (cont.) 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$212/t of ilmenite (2021 real) is assumed. TZMI forecast ilmenite price (2022 to 2035) US$/t FOB ilmenite (real 2021) 450 300 150 LT (real) Base price: US$212/t 2022f 2023f 2024f 2025f 2026f 2027f 2028f 2029f 2030f 2031f 2032f 2033f 2034f 2035f Low Base High 55 35

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