Ann: Australian Nickel Conference Presentation-AVQ.AX, page-25

The time line indicates that Axiom will be raising money before the end of the year, so that means next month. If the off take financing is going to take 6 months to finalise next year then they need to fund their corporate costs for the time and the AVQ corporate costs are nearly $1M/month. Therefore, they are a long way from being fully funded.

If drilling at San Jorge has been completed assays will take a month to get back, say by the end of October. The resource model will take most of November and then they need to do the mining study, infrastructure study, etc. There is no chance a decent PFS study can be completed by the end of the year.

Most off takers will not finance a project, even for $20-30M, without a full BFS so its unlikely AVQ will get the funds they need to develop San Jorge without more drilling and a full BFS. Also, to get the government environmental approval they will need a full Feasibility Study, so I can not see how they are going to avoid having to do a full BFS. That will require funding.

The timeline they have put out really has no chance of being met. Lets face it when has AVQ met timelines recently? Ryan Mount promises certain timeframes but in the last few years has never delivered on those timelines. Therefore, my take away from the presentation is more money is going to be needed this year, so there will be a capital raising before the end of the year, then more funds will be needed to get them through the financing period and there is a high probability that they will need to do a full BFS which will require further funds.

Hopefully, the call pull off the fund raising they need but the risks to meeting the timeline relate to getting funding as well as government approvals.