Ann: First Full-year Profit as a Lithium Producer, page-132

As much as I see issuing the FY2025 guidance as unusual, bad management, or maybe intentionally to get the price down to a very attractive level for an insto. focused CR, and I'm still very disappointed about this approach by mngt and the BOD, it is so obvious to me that GM was re-setting the base position of the company and getting any potential bad news that could potentially happen in next 2 years out into the public sphere. In this way, other than a breakdown in machinery leading to downtime, there really is nothing that could go wrong now that hasn't been made public.

In this way he is rebuilding the company brick by brick from the ground up and GM has explained this through all of the steps being taken to overcome water issues, increase processing efficiency, all bottlenecks, accelerating BP33 startup and securing the future through further exploration both at Grants, BP33, Carlton etc.

The FY2025 guidance is on an 'as is' basis which of course will change in a positive way in the short-term given the monies being spent on exactly that. That's the intention and will consolidate the view of the direction of the company and attract further insto. investment, on market.

To me it everything happening is systematic, structured, planned and very intentional. Whether GM is that capable, or he is getting strong guidance from BOD or investment banks, I do not know, but to me it seems well thought through. Yes, I've been a CFO of a couple of listed companies.

Clearly we're at a sentiment pivot upon announcement of the Annual Report and from my simple viewpoint bulletproof, except of course the Spod price which is out of our control and unfortunately has the largest impact on SP.

Just my humble opinion.