Ann: Investor Presentation, page-64

At this stage of AUZ's existence I don't think there is a huge linkage between the Nickel price and AUZ's share price.

For a start they are not a nickel producer yet and any hope of production is some way off and subject to a lot of factors coming together not the least being a binding offtake, funding and commencement of mine development.

I accept you may point to a number of Litium "hopefuls" who have seen their SP take off with the Lithium hype who are far less advanced that AUZ in terms of being engaged with a potential offtake partner - but such is the "hype" we often see in different sectors of the market. Nickel while integral to current battery technology is certainly not experiencing the same hype as Lithium despite its recent price action.

AUZ's SP took off with the SKI announcement and fell away after that disappeared - a lot of buyers were burnt and something like that will clearly impact market perception no matter what the nickel price is given the LGE offtake situation is unresolved at this stage - quite rightly the "market" would perceive the risk LGE will end up being a SKI rerun.

AUZ's share price IMHO is currently more affected in the first instance by the current uncertainties associated with the LGE offtake and should that be resolved uncertainties related to funding as a precursor for developing a mining operation. The further AUZ might progress through offtake, funding etc the greater the impact of the prevailing Nickel price will become.

If AUZ for example was successful in its current negotiations with LGE for some variation in the offtake and perhaps an equity commitment of some sort from LGE that clearly would improve "market" perception that funding is more likely and potentially AUZ is on track to go mining and there would be a strong possibility the SP would get back to post consolidation level at the very least.