Ann: Annual Report to shareholders, page-104

Hi Bear and Doughnuts,

I’ve been long this stock for around 5 years. Seen the ups and downs, the CRs and the dud announcements. I understand why the bears aren’t budging on their views. This is how I see it

Positives- Sconi has a large resource. They have purchased land in Greenvale for their employees showing commitment to the project. It has carbon neutral status. It has interest from the Govt to help with funding. It Doesn’t have ESG issues currently unlike Glencore ( shareholder activisim will hurt GC given the current situation in the DRC never mind the current international indictments) - this makes AUZ even more attractive. AUZ has signed an off take with the second largest battery maker in the world who is about to spin off a $10bn IPO.

Negatives- Will they get the funding ? Management? Have they learned from their mistakes?? You would have to hope so- further, the board do have skin in the game via shareholding-
LG owe $2bn for a recall from GM- that might hurt funding plus the IPO is suppose to happen 1.Q 2022 which means we might need to wait post the trading debut for clarity. That worries me given we will be knocking up against our June deadline. My experience from deadlines is if they are not forthcoming do not wait for deadline day- you are normally disappointed so unless BB can give his long standing and suffering shareholders some clarity prior to that I will be selling around Easter.

Fingers and toes crossed!

Good luck