Ann: Investor Webinar, page-19

And also open along strike.

Having reviewed all KDR’s announcements from project acquisition until it drilled its maiden resource of 128mt (after less than 30,000m of drilling), it seems similar to AP11 - ie huge deposit in a single pegmatite (with some branches).

PLS is a very different pegmatite with many pegmatites relatively close to surface but thickness much narrower than AP11 and the KDR deposit.

Andover has the characteristics of KDR and PLS deposits - huge single pegmatite like KDR but also a very large number of other pegmatites (over 700) like PLS -ie the best of both deposits. So it’s seems Andover has potential to hold a massive lithium resource - time and a massive amount of drilling will tell us how big Andover will end up being. Patience is required as AZS will be drilling for many years.

In today’s presentation Tony made a big dance about Andover having had to date more 100m intersections (8 to date) with 4 well over 100m TW, than any other WA lithium project (I assume that include Greenbushes but not sure if that is correct). It remember that it is still early stages in the drilling of Andover so the number of additional 100m mineralised holes they end up announcing is anyone’s guess.

Andover is not just about TA1-3 as Tony indicated as they have at least 3 other priority lithium targets which they will start drilling in 2024 (can’t remember when but was it early 2024?).

I also feel more comfortable about TA 2 from what Tony explained as the northern part, which they have not drilled, may still hold a decent deposit - TA3 is looking very encouraging to date.