Ann: 2021 AGM Presentation, page-223

"But its not always a great thing for the share price. Don't expect a rally once they communicate the price of the capital raise."

A fundamental flaw of your analysis is that you're making two major assumptions with no evidence:

• First, you're assuming that Talga will be selling shares to our partners. This is possible, but there are many other equally likely (if not more likely) scenarios where Talga doesn't sell shares. (e.g. LKAB may only get a stake in the mining company while Mitsui only gets a stake in the refinery)

• Second, you're assuming that any offering will come at a lower price than the current SP when it is likely the offering would be above the current SP. Mitsui couldn't buy 10M shares on the open market for $1.70 if they wanted to, let alone more than that. Any purchase of that many shares would send the SP rocketing over $2.00. Mitsui is well aware of this.

The future is unknowable, and it's impossible to know with certainty how the market will react. But, I'm expecting that any JV with LKAB/Mitsui will have a very positive impact on the SP. It is a huge de-risking event for the company. LKAB puts to rest the permitting concerns, and Mitsui basically guarantees financing for the project.