Paid Broker Report - 3.2p/share = $72 million AUD, page-21

Hi Mate.


Haggan - Yes it’s certainly had it’s delays. In all fairness it was 2 years ago they decided / had to change the project from a U play to a Battery Metals play.


Then - they had to do more drilling to get M&I and JORC standards as they’d been updated. These - According to the ANN have gone very well.


I think a lot of people now see Haggan as just a Vanadium play - when in fact there are a lot of other Battery Metals there as well. Zinc - Cobalt - Nikel - Molybdenum. Etc etc etc.


Interestingly- in the recent update to the market about the assays - it didn’t confirm or mention any details about these Metals.


Whether the naysayers like it or not - these Metals have the potential to have a serious impact on the Opex costs and could make us very competitive (which many doubt). Peter in the Crux interview alluded to this. We find out in September.


In regards to selling it for $20million. Yes - it sounds great. But - the MC is $12m - so I can’t realistically see this happening. I think a JV - binding agreement- to progress the project for a stake in it - the best way forward. But - it does depend on the assay results. They have these now - So talks are happening.


It’s interesting Peter is targeting the UK at the moment - the SP is more reactive over there. There is also a lot more going on in the UK in regards to the “Green Energy” push.


The UK recently had a big black out - and the talk is about VRBs / energy and storing energy.


https://www.world-nuclear-news.org/Articles/UK-blackout-proved-need-for-diverse-energy-mix,-sa


https://www.pv-magazine.com/2019/07...um-flow-battery-for-frequency-response-in-uk/


I agree cash flow is a concern. No doubt about. This is why Peter has to be proactive and start making forward moves.


DFS done - Waiting for next stage.

T South permits done - waiting for next stage.

Haggan SS done (soon) - Waiting for next stage.


So things have to happen.


The Cowboy mentioned the Aura tweets being about getting salaries across the line - he assumes SHs are stupid and would vote for these salaries. SHs are tired and they waiting to see some serious progress / developments. September is key - and how Aura secures ways of progressing the projects is key - and securing working capital.


In regards, to the Japanese utilities selling into the U market- I believe this has been going on for a while and they’ve been selling their inventory for sometime.


Regardless - it is my understanding that - the new reactors that are being built require approx 3 times more U. I’m sure this will be a topic in the upcoming WNA conference in London at the beginning of September.


I’m in the U game for the long term gains - I’m not a day trader - I have patience in the U space.


T