Ann: Change of Director's Interest Notice, page-29

I am as disappointed in the SP as the next investor. However, the disappointing performance of SRL is not isolated event. The EV industry has been absolutely walloped since the beginning of the year. Even a standout performer with a great management team, huge growing resource and and leading business model like PLS is the seventh highest shorted stock on Shortman - go figure!

My two bobs worth says you are wasting your time communicating your displeasure to Sam. He is a lawer and would be making sure he is within the letter of the law in his CEO role and backed by the board in his decisions. He has not been able to get funding, but until the demand for our product and credentials is realised by a customer/partner, what else can he do? I have been critical of Sam and RF in the past but believe we need to keep a balanced perspective without getting too emotional. A CEO can do a lot but if no-one wants to buy what we are selling at the price we are selling it at then, well here we are.

One of the things that does reassure me is that I have seen two large waves of sentiment roll through the EV industry over the past few years. Once this thing turns around, it will take off in a big way and the disappointment of wallowing around in the trough will soon be forgotten. What's that saying, Give me patience and give it to me now. I am told that the oil money is taking a stake in EV stocks. EV M&A's will be the final stage before the brakes are taken off and this industry experiences new highs. The irony of the situation is that once the SP starts to go up again, we have been conditioned by disappointment to undervalue what we have and sell out too quick. It is difficult to keep SRL and it's potential in the right perspective.