amazing holders, page-2

Dear ADY

I am trying to look through the recent turmoil in the share price to actual corporate activities.

The discussions with Shougang are a positive, and I have some questions to ask if you could clarify related to the recent market announcement related to this.

Could you confirm:
- that the process by which Sougang are being engaged is through a Memorandum of Understanding that has been signed by both companies
- that Iron Ore contracts with Shougang are in negotiation
- that finalisation of Iron Ore contracts with Shougang is subject to successful completion of due diligence to be conducted by Shougang
- that the visit by senior corporate representatives from Shougang to ADY in Chile reported in the recent market announcement by ADY, is confirmed and will take place

Also, there has been no further news on progress of the Lithium Tender process.
Has follow up discussions and negotiations with short listed companies begun?

Appreciate your efforts in engaging shareholders on this forum.

Kind thanks in advance
Response From Phillip
hi

- Shougang are going straight to contract (I have it now).
- Wisco are following the MOA - 3 years plus 7 years
- We are negotiating shipping, minimums, production, elemental analysis, size, etc etc with Shougang
- six people are visiting June if they can get their visas by then.

All this is spelt out in the quarterly report.

Re Lithium read the quarterly report - we deferred the tender until everybody on the shortlist signed the documents, and the contaminated Lithium Carbonate had gone out of the market that was supressing prices.

regards