Ann: AGM Letter to GLN Shareholders, page-76

Well, JP has spoken many times about not having offtakes etc in place. Obviously, this helps to maximise our value by leveraging off the lithium spot price bull market over the next 3-5 years as we come into production. Then, I wonder how it is going to help to maximise our shareholder returns to advertise you are prepared to potentially issue 150M shares in the next 3 months? You have now capped your SP as instos will know they can buy in at their hearts content sometime over the next 3 months? So the SP may now decouple from the general momentum from the current Li company shares bull run unless you have a catalyst. The big 2022 catalyst was meant to be the DFS at the end of the year. What would now be big enough catalyst to not dilute the crap out of us at $2 per share?

If this is not the case, as some have suggested through private contact with JP, then obviously this is not how it reads in the announcement. Such a huge issue should not be proposed with such laziness and vagueness as well as some potential referencing errors in the announcement. Who wants to approve such a vague proposal to dilute us into oblivion without knowing the raise price? This proposal is not in character with JP's previous communications re maximising shareholder value and 'step by step' and 'walk before you can run' style.