Ann: Presentation to Macquarie ESG Conference, page-29

It doesn’t work. You have produced nothing. NOTHING. This is just rubbish pump nonsense. Tell me how much HPA you have produced at commercial production? Zero that’s right ZERO. In order to get any commercial interest you will need to prove your concept at a commercial scale. That requires at least $100m. As clays don’t work, buyers will be very skeptical, the concept needs to proved further than lab and pilot studies. FYI shareholders found out the hard way. The old pilot shipping container didn’t find a buyer and will be same for this, unless you can make HPA consistent at a commercial scale. Oh I forgot to add, the problem with ore / clay are the unknown impurities and consistency that come with mining. All current HPA producers oxidize an aluminum metal, which is stable. That is another lesson.