Ann: Managing Director's Presentation to AGM, page-62

It is a really good question and, at the time I actually had some confidence in the coal assets and that it what kept me going. After the SP went down to around 1c I figured selling my holding for the tiny return didn't make any sense and they announced the CR. At the time it was 1c with an attaching 2c option for every 2 shares issued. I actually tossed up whether or not to bother.

In the end it was the prospect of Iron ore royalties, lithium and coal that made me stump up more cash. I wish I could tell you it was all about my forsesight about emerging markets and the demand for lithium that made me do it. It wasn't. It was a part of my consideration but by no means formed the majority of my thinking around Altura.

I have to add that yes, you were about right. My entry point was high but not as high as the current price. I averaged down quite a bit before the CR too. Subsequently I have added more when I could. I now have what I consider to be a good sized holding that has the ability to materially alter my retirement date.

regards,