Ann: Company Update, page-68

What I read is of course all those points which are important but also that everything in the letter was "prudent management" to me.

The BOD listened to shareholders and made changes to the ESP. Fair call there and BTW I'm in favour of having an ESP as long as it's attached to performance hurdles.

The fact is they reiterated a good BFS for Sconi and a project that regionally important to QLD and Australia in a climate when battery grade Nickel sulphide is becoming scarce.

A call out that Flemington may be a nationally important project and that Thack has all the characteristics of a massive sulphide deposit.

I get future financiers and Offtake partners will require reconstruction of the register. We've known that for a while so let's not beat around the bush. This was coming whether you admitted it or not.

I'm going to remain positive about this company. Yes I'm in the red but I believe and my research tells me that the headwinds are temporary. At the macro level we have a critical component that's sought after in Europe and US and Asia. We have plenty of resource which is economical to dig up and process. And before you ask, there are trillions being thrown around at this problem. So I don't think funding is ultimately the main problem here.

I could sell and take a hit on the P&L but I believe holding is the better choice for now. I think there has been far too much important work done for AUZ to go under. It may take time to get a new Offtake and funding going so I get why people are calling to exit now. Each person needs to assess their own investments. IMO