Ann: CEO Remuneration Update, page-43

I am going to upset many here by making a contrarian point of view on Simon's remuneration.

First of all Simon and his team have almost finished the building of the project and from what I have read to date it is by and large on time and within respectable spending targets. How many lithium projects in 3rd world land locked countries can say that???

Given the very remote location of the plant and the 1,000km distance from port and the fact that many of the project employees in Mali will be poorly educated and lacking project experience means that it will be a great achievement just to finish building the new complex let alone on time and close to the original spending target.

With regard to Simon's remuneration I believe Simon has delivered on what was expected of him and his team in building the project. For that he will deserve any contractual benefits that were offered to him

The negotiation with the Mali Govt was always going to be difficult due to the unresolved legacy issues so kindly left by FFX and their useless management which Simon cant be held responsible for.

In addition the Malian Govt has exacted a heavy financial punishment for the FFX legacy issues. Simon and Ganfeng went into the negotiations somewhat powerless and the outcome is hardly surprising given what MA oversaw at FFX in Mali.Unbelievably attrocious management of the FFX operations.

So for me at least I will wait patiently for the notified payments to be made. I will not be surprised if the notified payments only cover about half of the funds that will flow over several years from the sale of LLL's share of the project.

I would be very surprised if the directors were not looking to use the remaining cash on a whole new project. Time will tell what happens and I have no inside information from LLL..... but the tea leaves point to what I have suggested may happen.

In the past I have lived and worked in 4 African countries over 13 years but would not touch an central African projects ever again.

Chrs W2