Ann: Investor presentation, page-74

This post is my opinion, this is relevant to the thread as it discusses the resources in context of the thread discussion and the Investor Presentation document.
Links attached are below and these show my points eloquently.
https://wcsecure.weblink.com.au/pdf/AUZ/02586680.pdf
https://wcsecure.weblink.com.au/pdf/AUZ/02523854.pdf

AUZ is a significantly mined out nickel resource in tropical Queensland, a mined pit in the ground,
That ground was mined out previously by Freeport, they discontinued mining, most likely because it was mined out and uneconomical to proceed at the time. It looks like they were able to find easy pickings by loading it off to AUZ. In my opinion
Then Lucknow and Kokomo were discovered by Metallica Minerals in mid 2000’s - but it looks like they were able to find easy pickings by loading it off to AUZ as well. In my Opinion.

Those Sconi resources are located in a sub tropical cyclone region that with regularity gets smashed.
WOW can you imagine a tailings dam being approved ????
There may be no environmental studies to date of acceptable quality because that is what the director has intimated in the presentations.

- AUZ is beginning a drilling exploration cycle to increase the resource because it is insufficient as the project currently stands, that will take years.
- AUZ is also going back to BFS studies because the work previously done is also insufficient and requires a back to basics approach costing capital and time, 4 years as indicated to get an investment decision according to Michael Holmes.
Link attached https://wcsecure.weblink.com.au/pdf/AUZ/02586680.pdf Page 8



The new director Michael Holmes also admitted that the Sconi Resource was of insufficient quality and size to produce MHP at economical grades, this indicated that Sconi is a marginal resource at best and that includes Scandium credits in the costings.

The line trotted out of Lowest Cost Quartile is meaningless when the resource is uneconomical to start with.

The story about a 30 year life of mine was achieved by lowering the cut off grades substantially, that is the reason why MHP can no longer be financially viable, the payback from minerals recovered to costs of operation is too low.
Link Attached https://wcsecure.weblink.com.au/pdf/AUZ/02586680.pdf page 5



Michael Holmes has also said that they need to update the BFS and that will be complete in Q1 2024.

Michael Holmes has also said in very clear and precise language that Sconi will only get a final investment decision in 2026 if the Environmental impact study work is completed.
Link https://wcsecure.weblink.com.au/pdf/AUZ/02586680.pdf Page 4



AUZ investors like to crow about the potential of the Flemmington resource in NSW.

The grades exposed at Flemmington are so pitiful that it looks incredulous. Please understand that if they were ever to exploit Flemington a brand new plant will be required and that is very costly indeed, There are some that say they are experimenting with DES, an unproved technology at scale.

Here is some data for you and it is very damning indeed. Just look at the grades, 0.24% is half the cut off grades at Sconi, just how they propose mining this is bewildering.
Just for your knowledge look at the resource in million tonnes, below as well 2.7 million tonnes total.
Link Attached https://wcsecure.weblink.com.au/pdf/AUZ/02523854.pdf Page 33


It seems to me like the AUZ project has gone backwards by a massive leap and there is nothing to crow about by investors of AUZ.
We all know that this story does not end well and I wish everyone good luck.
I have done my homework, years ago and that is why I will never own AUZ again.
RED