Ann: Extension to Voluntary Suspension, page-521

T.O.T.A.L. G.A.R.B.A.G.E.!

AVZ are planning a 10 Mtpa output because they have the capacity-largest hard rock resource globally. 400 [email protected]% Li2O(only 10% of pegmatites drilled ) and an exploration target of 1.5 billion tonnes that AVZ Managing Director has stated can be achieved easily! combined with mammoth offtakes with lithium majors!

Therefore the BFS will show astronomical figures for the value of AVZ as in the NPV when you consider the planned10 Mtpa output and the exponential increase in lithium prices since the DFS with AVZ producing SC6 and then add the more valuable and refined primary lithium sulphate AVZ will also be producing and tin.(AVZ-3rd largest tin resource globally)

There is also a feasibility study for a lithium hydroxide plant so AVZ could also in the future be producing this highly valuable battery product. Then add to that any future valuers will know that AVZ has the capacity to output 40 Mtpa! The value of AVZ therefore is A.S.T.R.O.N.O.M.I.C.A.L.! Now if you make a comparison a 10 Mtpa output is twice the size of PLS's two plants combined and both companies have similar shares on issue. Also, because of inferior quality(impurities, variable lower grade=higher conversion costs) PLS cannot produce SC6, only SC 5.5.(less valuable). So just on the metric of the SC6 production(AVZ) comparison with SC5.5(PLS), notwithstanding that AVZ will also produce primary lithium sulphate and tin, and the possibility of AVZ producing lithium hydroxide(feasibility study) AVZ is W.A.Y W.A.Y U.N.D.E.R.V.A.L.U.E.D!



AVZ in summary- Only AVZ can truly disrupt!Largest hard rock deposit globally(401 [email protected]%Li2O /exploration target of 1.5 billion tonnes , lowest cost quartile to mine(lowest strip ratio, homogenous, consistent high grade, at and near surface, less ore feed to produce lithium product) and purest-easy/cheap conversion to battery grade without the need of costly beneficiation. AVZ therefore has the potential to one day control lithium pricing and supply! To put it in perspective AVZ is planning a 10 Mtpa output and has the resource potential to ramp up to 40 Mtpa in later years!

10 Mtpa output:



40 Mtpa scenario:



Future Share Price Scenarios:





P.S.

The Roche Dure Pegmatite is a geological freak and Carriere de l'Est pegmatite is potentially even bigger and has significant zones of consistently higher grade material greater than 2% Li2O and up to 4.65% Li2O....then add the other pegmatites.




Independent Metallurgical Analysis of AVZ's Deposit:

High-level independent metallurgical test verification of Manono's lower iron, fluorine and phosphorous levels - and projected significantly lower open pit stripping rates - underline the incredible latent value in the DRC project.

"We think this project is completely different to every other project out there because it is so large - we're not talking about 10m-wide zones, it's 200m," says Ferguson.

"But it's not just about being the biggest in the pack, it's very much about that scale translating into value, which comes back to quality.

"It's the nature of the beast at Manono, with such a big, wide [pegmatite] body; it's cooled slowly, so we've got large crystals and a cleaner pegmatite. We've literally got, one side to the other, a single zone, and the wall rocks are black,

and the pegmatite is white … so we can just strip it down either side and not worry too much about dilution. It's pretty much 1.65% all the way through!

"SCT, which has designed about 85% of all the hydroxide plants in the world, have said they've never seen such a clean product - just really high grade and no detrimentals of any issue whatsoever. We have low fluorine, very low phosphorous, the iron is down to 0.4% in the product … and we'll probably get that down further with more tweaking. There is 2-4% mica in the body itself, but once it's processed it's down to … less than 1.5% mica, and we'll get that down further too."

With many strong rerating catalysts short term it is a very exciting time for AVZ holders:

Short Term Rerating Catalysts:

-granting of the full mining licence

-CATH(CATL) JV completed including $400 million plus US funding to add to $545 million US from the African Development Bank

-collaboration agreement between AVZ and the DRC government

-hydroelectric agreement

-BFS-Bankable Feasibility Study for world's largest hard rock lithium resource and world's 3rd largest tin resource-which should include increased mineable reserves from wedge drilling, planned 10 Mtpa output with lithium prices increased exponentially since the original DFS. Therefore the NPV/IRR will be E.N.O.R.M.O.U.S. ! with a decreased payback period which was already small in the first DFS.

-MSEZ-Manono Special Economic Zone which will give a tax, royalty and duty benefits, including VAT exemption and tax holiday which will increase the value of AVZ and decrease the payback period.

-results from lithium hydroxide plant feasibility study and what that produces-JV's etc

-further offtakes

-other deals with majors

-FID-final investment decision

etc.

AIMO