AGM Discussion Thread, page-191

2024 AGM

• Anode technology still looks promising. Separators are new. It is a small and unloved component of the Cell with niche players who have been in the industry for decades. There are many Separator corpses. However, with an established partner it could be a medium to longer term niche revenue opportunity?
• Why the continued rotation through partners? Why have these partners, who were lauded at the last 2 AGM's (and CR's), not seen technical value or why can't this team execute on what they have? A red flag is reference in an AGM by the CEO to an opportunity from a side-bar conversation at a conference. Seriously? If that is remarkable surely there must be 10 to 20 such opportunities at any conference. That is thin and weak. There is no sharing of feedback on why partnerships announced at past AGM's have faded. Until this occurs cash burn will continue with no deal closures. The informed part of the market won't invest without feedback on why partners announced in the past by this CEO/Team have not progressed.
• Compared to the industry and what any battery tech player across the table would expect, there is not the expected Technical DNA to be a winner in the battery segment. You don't have the luxury to talk from scripted notes in front of Business Management/Technology Leaders who have decades of experience in cell development. We'd forgive that for a Chair, but a CEO with no technical background in battery cell/advanced materials/electrochemistry will get eaten by the industry. Adding a seasoned battery sales person in the Eu is a good move but still leaves only one or 2 people across the Board and Exec team that would have credibility in the space. What is that 10-15% vs 80% in the Industry today. A past remark indicated that this enterprise appears to be a "learning opportunity for inexperienced people to get into the battery space" - well it's a very expensive one!
• Finally metrics - compared to local and international peers this was a presentation noticeably or deliberately light on business performance and financial detail past and future metrics - battery cell performance was commendable. But for a LT who just destroyed 66% of shareholder value you'd expect laser focus on metrics and KPI's especially financial. Our interest picked up at the AGM's last year and year before that this was now a Revenue Generating business. Although that appears to be walked back at this AGM if one listens to the Chair's remarks. Peers in the space, who have caused a lot less shareholder value destruction take accountability seriously and will commit detail on times/dates & KPI metrics and where highly dilutive CR's are needed there is at least a quantitative set of KPI's on OPEX/CAPEX. There appear to be little performance accountability from the Board and that will encourage the management to be busy doing what they please rather than executing on commitments and targets. We see BAU in 2025
• The Goals for 2025 are deliberately wishy washy and vague allowing a lot of wiggle room to report back in 2025 - stark contrast from the local and global peers

We will pop back in at the 2025 AGM