Takeover offer, page-56

Response to Opportunistic and Inadequate Share Purchase Offer and Company Update
AVZ Minerals Limited (AVZ or Company) provides its shareholders with this response to the opportunistic and inadequate share purchase offer to acquire AVZ shares (detailed further below) and a company update on various matters.
Take no action in response to the Offer
AVZ refers to the share purchase offer (Offer) made by Resource Capital Investments Pty Ltd (Resource Capital) on 18 June 2024 at $0.01 per share to professional or sophisticated investors only.
AVZ’s Directors have reviewed the Offer documents and unanimously recommend
that you REJECT the Offer and DO NOTHING in relation to any documents received from Resource Capital. The Board recommends AVZ shareholders retain your shareholding. Do not surrender your AVZ shares to this opportunistic bidder at a price that does not reflect the underlying value of your shares.
AVZ notes the two directors and shareholders of the Offeror are Michael Carrick and Geoff Jones. Mr Carrick was nominated for election to the board of directors of AVZ at AVZ's 2023 annual general meeting by Fat Tail Holdings Pty Ltd ACN 666 836 808 (Fat Tail). The Offer is an attempt to acquire control of the board of directors of AVZ and the Manono Project, without paying fair value to shareholders.
Where any AVZ shareholder has received an unsolicited offer, the Company recommends that you:
1. Carefully consider the offeror’s purported fair estimate for AVZ shares and whether that value aligns with your view.
2. Seek independent financial advice.
If shareholders wish to share any unsolicited offers they have received with the Company, you may do so by emailing the relevant correspondence to [email protected].
AVZ takes the opportunity to provide further update to our shareholders in relation to the following matters:
Locke Litigation Funding Facility: The Company is in advanced stages of negotiation with Locke regarding the US$20m Facility, having progressed to negotiating long