Ann: 2021 AGM Presentation, page-177

"However, I wouldn't be surprised at all if Mitsui are out. Talga doesn't need their money to what are they bringing?"

I agree with the sentiment that Mitsui is replaceable and we shouldn't give away equity on the cheap, but I think you're underestimating the value Mitsui brings to the table.

• Mitsui doesn't compete with any of our future off-take customers - they're "politically" neutral. Whereas a partner like Northvolt could prove restrictive down the line as Talga expands beyond Northvolt's capacity. Tesla/Stellantis/Merc/etc. wouldn't like purchasing anode from a company partially owned by their competitor.

• Talga has a product development office in Osaka and my understanding is that a lot of Talga's refining equipment is made in Japan. Having Mitsui as a partner will help us to procure the Japanese equipment faster/cheaper as Talga grows.

• Mitsui has experience with scaling projects and verticals. They're jumping in big on the battery/energy sector right now; synergies within Mitsui could be helpful for us to grow the business faster.

• Mitsui is a huge company with deep pockets. Having them as a partner is reassuring to lenders (and investors) which may help us secure cheaper financing as Talga seeks to accelerate growth in 2025 and beyond.