Ann: Appointment of Administrators - Further Update, page-23

Joca et al, I was a shareholder but do not have any RVR investments. I was very interested in how this company strategy unfolds. RVR started off with West 45, followed by Far West and, just in time, to keep the mill going. The red lights started to flicker when there was no contingency to replace Far West. Liontown would have been too late when Far West would have been depleted irrespective of the FOG or any other operational issues at Far West. The ideal would have been a completed Liontown bankable feasibility study, ready to go when they started to mine Far West. What Hillgrove is concerned there was a tremendous amount of technical work required to get this project to fly. IMO, this is a practical demonstration of a lack of strategy and very short sightedness, Donald Garner was one of the founder members/directors and when he resigned in April 2021 the boxcar went down a steep hill. It will be very interesting to know what his position was at the time, in terms of longer-term strategy. I feel for all the holders who believed in all the "we are operators" marketing BS and lost their money.