AVZ Peer Transparency, page-83

Id almost prefer the current situation for AVZ.

A) Gives us more negotiation power with the DRC government, no tax concessions then funding will be harder to attain. They will want it mined and will be aware of the lower prices. End of the day it will significantly benefit the Manono region and they want that.

B) Cost effective start up option, going in conservative will make us more profitable in the long run when prices return,

C) Prepares us for the worst, if we came in hard at the peak of prices then we would likely also be struggling with pricing outlook and cashflows. Look at PLS for example. We dont have that stress of surviving untill demand picks up.

D) No rush as well, with current outlook it gives AVZ the time to get it right. Perfectly timed to catch the next wave.

E) i believe funds will be more willing to tie up funds in a tangible asset with a recession looming, Knowing that future demand looks very positive for AVZ.