Ann: Investor Webinar, page-12

Main points from my perspective;

1. Similar to recent Announcements & webinars, there again was a level of confidence around the Customer offtake AND prepayment deal occurring this quarter and it being a positive outcome ("playing parties off against each other").

2. When probed on non-dilutive options, JP stressed all options had been assessed. At this point he addressed question around a strategic investor into HMW, JP smiled like of course this could be an option but at what price of dilution? What I took from here is, they would be more likely to bring in a JV partner on Candelas as an example, than bring in a strategic investor at the company level (or even HMW level). Happy to be challenged on that if I am reading what I want to hear?

3. Pursuing export license, however stated this may not be imperative for Phase1 (or Phase2) offtake scenarios "...by 2026 there will be up to 10 processing plants nearby where feedstock can go to...".

4. JP acknowledged the elephant in the room being the share price - general short term Li sentiment & GLN development stage (L-curve). Linking to nearer term milestone (offtake, funding scenarios) which may go some way to addressing these concerns.

I guess the negative view here is, did they miss the boat earlier in the year from the DFS delays etc.... possibly?