Ann: 2024 AGM Chair Address and CEO Presentation & Address, page-21

Re: 2H… I think the best result for shareholders, following Our Brave SA TO’s getting out of bed, will be to sell a 20-25% strategic stake to a Big Name founding partner who smart and also not so smart woke money will follow. That initial cash injection will presumably go straight into the BRU jam jar because they are buying it directly from us. Funds from the subsequent IPO on the other hand would belong to the new listed entity. I think the IPO needs to be done before any activity, but if they decide to go for some initial ground survey type activity first (why bother while the fire’s hot though?), then I think up front, they need to at least spell out the mechanism by which BRU shareholders will be dividended shares in the float. eg 50% is floated and BRU holders receive the 25-30% that don’t belong to the strategic founding partner. Or maybe 20% founding partner, 15% BRU retain, 15% dividended to BRU holders, 50% floated. The strategic partner stake and any stake BRU retain need to be held in escrow for an appropriate period, while we can trade our freebies. I think SP activity will mirror GHY ie initial fervour will be selling opportunity, buyback when it bottoms then ten bag before anyone notices it’s all smoke & mirrors. Except, maybe 2H will actually have some proven commercial H2 and He…