Ann: Quarterly Activities Report and Appendix 5B, page-23

On page 12 of 24;

Whilst the debt funding milestone is viewed as a significant de-risking event, the dominant feedback was this group
requires more progress with Pool One investors to activate significant traction for their investment process.

My personal observation from this statement:

1. The management, again, fell asleep. Nothing unusual here. Whereby, they could have discovered this 12 months ago, and in turn, had these discussions with the pool one investors early this year whilst they were awaiting the debt piece to finalise - but here we are... I noted, in this section they attempted to suggest they were doing that... I call BS.

2. With the idea that pool 2 are waiting for pool one, in line with pool one waiting for debt, it shows how incompetent these guys are in that they never learn from previous lessons! i.e. GET MOVING NOW ON POOL 4!!!! Utter incompetence.

3. Expect to see POOL 1 announcements; meaning the final offtake and in part with some equity attached, the party taking this offtake (POSCO) will be part of POOL 1. I would expect this to drop soonish....in ARU language, I'm not sure what that is, but surely, given ARU management have really done nothing all year outside of squandering opportunity (Let's not kid ourselves Gavin Lockyer did the DEBT), surely Darryl, Shaan & their band of 8-10 newbies with higher salaries then those they booted, could provide one piece of positive news since they stormed the ARU castle praising their own self importance...