Ann: Company Presentation - March 2025, page-2

A new slide deck has dropped, let’s break it down:

· Slide 3 – quote 10m options as being on issue. The App 3H that was released on 20 March indicated 5.843m shares/performance rights on issue – with the majority being options expiring 6 May 2025 with an exercise price of 30cps. Better hurry up if the company wants that A$1.35m in proceeds to come in. Details matter.

· Slide 4 – Recent Highlights – refers to announcements made between June and August 2024. Hardly recent information.

· Slide 6 – we now have a milestone for delivery of the DFS – CY25. It’s not reinforced throughout the key milestones later on – is this just a throw-away or a commitment?

· Slide 10 – cut-off grade used in the June 2024 MRE update was Li₂O of 0.6% - majority of intercepts are below the cut-off grade being used. It looks like the results fall below the cut-off grade for the “Resource Extension” being claimed.

· Slide 14 – everyone looks to be having a great time “conserving cash” at the football recently. How does that link to progressing NTMA negotiations?

· Slide 15 – reiterate that strategy is positioned to “capture significant upside with anticipated lithium market recovery” – this is hoping not planning. Spodumene price is hovering at 36 month lows.

· Slide 18 – why is there no further information on the gold opportunities given that gold is hitting all time highs at the moment? Surely leverage to any gold opportunities will far outweigh lithium in this environment?

· Slide 19 – M&A is now on the table apparently – what is being considered? This is a throw away line given all messaging is focused on “working towards development ready in Manna”.

I reiterate my last message – this is typical spin and optimism without tangible action plans. Share price action today is the market acting as a weighing machine.