AKO General Discussion, page-176

Although the selling sucks, I would rather the company take the extra time and release the studies and the first round of samples IF the samples are imminent (no more than 2 weeks - which would still be end of November).

This time next week is the middle of November.

Earlier this year we unfortunately had to release the maiden resource in 2 parts because Paul was committed to presenting at the Brisbane Mining Conference to announce the maiden resource.

Although Part 1 was 80+ mt, and a very strong result, I think this 2 part announcement "muted" the impact of the result and the response from the market.

In saying that, I think these drilling results will be a formality because the ore from these holes "should" be consistent with the results we had from the drilling in this region that defined the maiden resource.

I think the most important thing is the total funds required comes in under $100m, and hopefully closer to $35m.

For me the biggest question will be loading / unloading of the ships. Will we need to upgrade the existing port? Or what will need to be bought and built should WAI determine the existing port in Toliara isn't suitable (land, dock, stockpiling areas, conveyors for loading, barges etc etc).

With relation to the existing port there would be questions about scheduling, storage and capacity that we have no insight into.

I think the drilling results are expected early 2023.

Whilst it is just a formality, it will mean we have a "measured and indicated" resource with a confirmed grade, and THEN we can try and find a customer, AND THEN work to signing a binding off-take agreement.

The OTHER good thing is bulk shipping costs have come down significantly in the last 6 months, and although we don't know what size ship will be suitable, we can rest assured that proximity to potential customers and shipping rates are in our favour.

Then the last major obstacles will be funds (prepayment?) and mining license.