AGM, page-18

Hi all, it was a slick operation as we have come to expect from Altura management. James Brown was very approachable and informative. I printed out the question list and gave it to James pre meeting and he addressed the questions one by one.

He gave me his business card and invited me to email him the questions also to get the replies in writing, but perhaps I will leave that to shareholders with particular concerns - he invited any shareholders to contact him and pointed out that his personal mobile number is on most company issued documents. ([email protected]).

here is my summary from my notes (sorry it is rough - and will be limited by my understanding of some issues)

With regard to
"The WA Govt has passed legislation to sell Utah Point Bulk Handling Facility, will this sale have any affect on Altura in regards to its Lithium export to customers"
We are going to use berth 2 via Qube, for our predicted once a month shipment. This is a proven method as sandfire resources currently use berth 2.

"Could someone ask whether water is 100% assured at this stage. Is it done and dusted or is further drilling still required?"

as much as it can ever be was pretty much the answer. we need 24litres a second and we have capacity for 30 litres per second in place.

  1) Confirmation that DSO will not be considered

They reviewed this possibility in detail in February. In a nutshell it would lead to a change in the development application because it would mean a lot more product on the road. I got the impression that management just want to keep their eye on the ball with the main lithium focus - but they are open minded about doing feasible things to make money (hence they did check this option out thoroughly). Because income from the iron ore was seen as intermittent - like good for three years bad for three years - pursuing it doesn't fit with company goals at the moment.

2) Confirmation that project will be developed independently of PLS (or not as the case may be).
if they got a great offer they wouldn't ignore it. but they emphasized - we have different shareholders, different offtake parties, a further advanced tenement and we CAN stand alone. Mgt would not ignore a good offer.


"How is the sale of the Coal assets going, are negotiations happening now?" I don't think James addressed this specifically. He did talk about Tabalong being more exciting than Borneo.

"Is management concerned about Min Resources aggressiveness in the Pilgangoora Lithium area after the recent issues with PLS?"
No, we are friendly with them, we hire their accommodation sometimes. we check in with them now and then as our neighbours.

"the last question is more pointed at the aggressor maybe playing disruptive tactics that slows AJM down."
Disruptive, no - we got all our leases granted.
James does feel that our share price has been capped to hinder us obtaining finance. didn't allude to by who.

meeting was in Brisbane because at the time it was set they envisaged mainly east coast investors.

There were a few other hot copper posters there who it was nice to meet. maybe they can embellish my summary.

The management team came across as competent, confident and knowledgeable. The issue of shareholder relations was raised. I have found them fine - but know others have not. Their reply was pretty much - we will take that on board - but we are predominantly into mining - perhaps not so focused on PR.

It was a nice event, I was pleased to be there and to hear that all is on track. Mine completion by end of 2017. Selling product early 2018.

CC