Ann: Appointment of Managing Director, page-56

A very positive announcement.

I haven’t had time to research Scott, hopefully very competent, however we need to realise we have been very spoilt getting a who’s who of lithium - Simon Hay to run the lithium business, unfortunately Morila is just not going to attract the same calibre person.

Having said that, the resource is there, an operational plant, it’s not rocket science to make it work.

As @Aptayl said, it is another box ticked to getting back from our suspension.

More importantly, our cash burn must have reduced significantly to expect funding by the end of Jan 2023. Based on our cash burn for the June Q, we would have run out of cash well before then.

Are we going to remain suspended until then? I don’t think so, to me it seems like we have stopped the burn, probably not far off being cashflow positive, I see the funding being needed to do some of the capital projects we suspended, such as the repatriation of the tailings.

It makes sense to prove the mine is viable, let those trapped by the suspension, and associated selling, exit, then raise at a healthier price further down the track. We must remember, we were on track till we transitioned to the main pit, had 3 sets of contractors, and no equipment to mine the main pit. Costs got out of control and management/Board took their eye off the ball - probably preoccupied with the demerger.

With the incentive package Scott is offered, both he and the Board obviously see this as being a long term project. No one in their right mind would accept this position if it was a basket case.

The missing piece is the revised LOMP, bring that out, show a few good production months with costs contained, and we should be back trading.