Ann: Appendix 5B, page-35

Thats assuming a status quo if they don't get funding and LG walk away.

They have had SKI and LG at the table - LG with a binding offtake subject to funding of the project.

If they can't fund the project off the back of the LG offtake at current nickel prices and lose LG how are they going to entice shareholders to continue to support via a CR - I would suggest it would be an incredibly hard sell e.g.

........ " yes we have had 2 of the biggest battery companies in the world engage with us - one even signed a binding offtake - we could not get the funding deal away at evencurrent shy high nickel prices - but trust us we will get another battery manufacturer offtake up in a year or so and get the project funded" .........

I can't see that sort of pitch generating a lot of enthusiasm in a CR even at a heavy discount to the current share price.

No funding I suggest would likely see a lot of the board depart fairly rapidly as AUZ would be a very difficult gig - no cash, a project that could not get away with a quality offtake counterparty with favorable resource price conditions and a less than ideal profile/story to approach the market with a CR at anything other than a rock bottom price.

Shareholders have the best opportunity right now for AUZ to get funded with LG and the current demand for nickel/prices - like the BOD / management or not we are stuck with them as to change them now would show huge instability to funders and in my experience that would not be attractive to any potential funders.

I acknowledge many of the risks that have been outlined with respect to AUZ - but personally I am placing a lot of faith in the belief LG did due diligence on Sconi and signed the offake for a resource they needed in the belief based on that due diligence Sconi stood a good chance of being funded and proceeding.

Not a guarantee by any means, but in an environment of strong nickel demand, strong prices and with LG providing a 100% offtake I'm prepared to accept the risk for the potential reward which will be substantial for me at my average at even the consolidated equivalent of half the ski announcement peak price.

If ultimately June comes around, no funding eventuates and LG depart leaving AUZ with no positive way forward in the short term then I will acknowledge/recognise I was wrong, realise any loss I have and look to offset that against profits I have made elsewhere in my portfolio. It will not be the first time at this end of the market I have worn a loss that I had to offset against gains elsewhere and fortunately I currently have some good returns in RE, Lithium and a few goldie's and I can let the tax man minimise the pain of any misadventure should it eventuate with AUZ.