Ann: Capital Raising Presentation, page-32

Though lets face it, for investors 2021 has been a washout year for AVZ holders. You'd have been better off having your hard earned almost anywhere else in the EV/lithium space globally this year. It just felt like everything was always about to happen, which has made selling feel ill-advised. Our management has certainly been good at selling the dream, internally at least, if lacking in other important areas. And whilst my scepticism with our management's statements has risen, to be fair the company has achieved a lot this year (whether on time or otherwise - emphasis on the otherwise). We have some hefty offtakes in place, and if they are all clustered in one market, well thats where the hub is. Hopefully we'll diversify with the PLS - if that play does prove to be viable, that is.

Now it's just a waiting game for us i feel. Very interested to see the FEED study and the extremely overdue NORAM study, though I don't expect them to have any real SP impact. I mean look at the latest announcement and what that will mean for the bottom line, yet not a thing.

We find ourselves again in a position where it feels ill-advised to sell, with NF claiming two of the key hurdles - ML and MSEZ - are imminent. Do I think this is smoke and mirrors? Honestly yes, a little, on the timeline front at least. However the process is undoubtedly in action, and I hope I'm wrong and that these both drop this month as claimed. I think they could be what drives us out of the doldrums, and into financing and beyond. I'm also really interested to see if we pull off some sort of major partnership play this year - fingers cross its with the S.Koreans, keeping this inside the DRC.

Best of wishes all.