Ann: Chairman's Letter to Shareholders, page-3

So, let’s breakdown the message in this letter to shareholders:

• There is a new leadership team – with senior operational executives. The only announcement that has been is the appointment of two executive directors – one with no experience in mining, lithium offtake markets or public companies. Both are part time. Who is the new team?
• The Board has grown from 3 to 4 directors – adding cost to the organisation.
• What other costs are being added - at least one new consultant in Purple, our new media and IR consultants?
• Manna DFS is being progressed towards completion by Dianmin – what is being progressed?
• The release refers to mine planning, flowsheet and lithium recovery optimisation.
• No commitment as to when a DFS would be released.
• Appears Dianmin's main focus has been to confirm that all test-work, modelling and engineering report were delivered. This was already confirmed in January.
• Met testwork was completed in August 2024 – achieved 78% recovery which is best in class for current operating hardrock lithium mines in WA.
• Ore-sorting testwork was completed in July 2024 – delivering 97% recovery. We knew this already.
• Why are these studies being recommenced - for what purpose?
• Appears the only major item recommenced is negotiations with the Kakarra Group on the NTMA.
• What is the hurry to progress to secure grant of a mining lease which will be higher cost than holding exploration tenements in good standing?
• There is a comment that the Manna ore body is somewhat unique – is this cryptic language to describe steep dipping, thin vein deposit style? This is well known.
• Unfortunately, Manna is a tier 3 or 4 deposit and will be high on the cost curve – nature has determined this.
• Manna doesn’t compete with Andover or Tabba Tabba. They will be well advanced before Manna gets off the ground.
• There is so much supply that will come to market before Manna is funded – think PLS’s P1000 and P2000, Bald Hill, Andover, Tabba Tabba just in WA alone.
• The goal to produce spodumene at a cost below attainable price is a ridiculous statement - we won't be in business long if we can't achieve this.
• This is typical spin and optimism without tangible action plans. Manna is 5 years away from being in the market is my guess.
• After all the messaging for change from Leon, nothing has changed. It’s easy to blame previous management – the proof will be in the results delivered by new management.
• If "all work (is) focused on enhancing Manna’s value", we will have a long wait.