Ann: Trading Halt, page-48

@FiveCent it's a 12 month convertible note with a conversion price of 0.005 (premium to current price) and 12% pa interest (which is around the norm for con notes). This is a much better arrangement than the current Riverfort Loan which I believe has only been drawn by 25%, and should be able to extinguish it. It's also less dilutionary.

Dom Virgara joining the board is exactly what this management team needs! He is a major shareholder who has invested millions in this company and his main motivation is to help the company execute better, communicate to SH more transparently and more frequently, and help realize the potential of Volt's assets in graphite and lithium, and ultimately aim to reach a much higher valuation in line with peers. I think he will help keep the management team accountable to deliver on their commitments and keep SH informed on all operational matters. Very pleased to see this change up in the board structure, he represents the voice of all shareholders!

Apart from this, the stuff that matters in the presentation today IMO:
1. Board to take Director Fees in equity. CEO to take 50% in equity.

- This should result in about $500k annualized savings on management fees

2. Non Dilutive Funding
a) The Company is confident of being awarded a multi-million-dollar grant in 2025 -- Estimating >$10m, 6 month time horizon
b) The US Government has not yet announced decisions on proposals submitted in March 2024. --> this feels like the USD$1m concept paper grant which should be close. Given small amount still likely to receive something.

3. Ukraine Status
"Ukraine Law Firm has completed the warranty claim and presented to the Sellers. The claim significantly exceeded the deferred consideration amount of
US$3.8M. It is now up to the Sellers to either accept the warranty claim or dispute the warranty claim through arbitration in London. "
- Volt is not paying the $US3.8m for ZG. They either settle and complete 70% ownership or go through arbitration in London. I expect they should settle, given ZG's dependency on Volt for operational funding, expansion and access to grants, which they can't do alone.

"The Company has decided to not provide further funding to Zavalievsky Graphite LLC. In 2021, Volt acquired 70% interest in each of the companies comprising the ZG Group"
- No further funding going to ZG in the short term, I imagine until settlement of warranty claim is agreed.

4. Bunyu Graphite Evaluation.
"Technical evaluation was positive. Due to softness in the flake graphite prices, the Company decided to steer the discussion toward our new product offering (ultrahigh purity graphite).
-- Making progress on UHPG product which sells for higher price and margin than flake graphite. Tough environment for graphite at the moment, however focusing on the right market segment. Need to see offtakes!

"We are also in discussion with a potential Bunyu investor which has sent a preliminary proposal."
-- Preliminary proposal sounds like an offer. An increase in graphite prices cannot come soon enough.

5. Improve communication and follow-through
-- Dom should play a key role in this area, expecting a material improvement as a result of his appointment.


GLTAH