EPA update, page-46

Interesting comment you make Sabine.

"Are you aware that both sides went through a consultation process before the merger and terms were put to shareholders?"

First question:

Which shareholders were aware of the merger before the fact? Which group of shareholders are you referring to?

Second question:

What makes you qualified to make such a statement referring to question 1?

Third question:

"Are you also aware the highly qualified new AVL management certainly did NOT “piss away money” by issuing 5b shares?"

Which AVL management are you referring to? The vanadium experience who is on the AVL board / management are still present to this day and issued the 2022 BFS.

In Summary:

Look forward to your response.