Ann: Annual Report to shareholders, page-45

Hi all,

Not sure if anyone notice in the Annual Report. On page 64 (section 24 (b)) of the Annual Report, it refers to these performance rights being vested following securing the equity component of project finance.

Going through previous announcements and notice of meetings, the only vesting conditions that I can relate to this is Performance Rights to vest upon completion of the Manono Project financing (Notice of AGM 2018, Notice of AGM 2019 and Notice of AGM 2020). There was no PR being issued with vesting conditions based upon securing equity component of project finance.

In addition, there was no announcement from the Company advising that the Manono Project financing is completed. The DFS reported a CAPEX of US$545.5m and there was no confirmation or announcement by the Company that this financing has been achieved. Although AVZ announced the investment of US$240m with CATH as announced on 27 September 2021, this investment is still yet to be completed.

I do not understand how these classes of Performance Rights mentioned in the Annual Report were allowed to be vested.

Anyone that can shed some light over this?