Ann: Conversion of Class A Performance Rights, page-20

Hi jskf and bp,

I think both of you have your points and both are right depending on where you are standing. What BP said about challenging the management when they're not up to their expected performance is absolutely right.

Being sceptical when it comes to investing has helped me a lot when I am researching, whether researching a market or a company.

I believe the Blessie deal have left some bitter taste in our mouth, especially for you bp and I absolutely understand that. If a CEO makes the wrong decides, guess who's paying for his mistakes? Us shareholders.

Both investors and CEOs don't quite seem to get it. When investors invest in a company, they OWN part of the company, and CEO is WORKING FOR shareholders. An owner of a business will probably nag about someone forgetting to close the air-con overnight, so why can't shareholders raise their concerns with CEO when a deal was done so badly?

Also, I was dead wrong about the Blessie story has ended. So it seems to me Blessie has the second priority and it will be worked around the Feldspar area instead of Lithium. Sorry to say but I don't think that will work out well. Firstly is because AVL will probably have to pay up for the 40m performance target for JORC and extra costs. Secondly is when PFS for **anintha is out, I doubt management have any extra time available for Blessie other than pushing **anintha forward.

Despite of my negativity in this post, I respect a CEO for being a CEO. Vince has shown dedication towards Vanadium and held on to it through the lowest point of the Vanadium story. At start of last 2016, V2O5 was only selling at RMB30k/t and now it's back up to RMB150k-170k+. It made sense as to why Vince didn't make much progress on **anintha, it was due to the adverse market condition back then. Right now, it's the perfect window opportunity for Vince to bring AVL forward with such buoyant market.

I believe Vince has learnt his lesson from Blesberg and has changed his attitude ever since. He has became more proactive and you can definitely tell from recent interview " The company expects to release a PFS on **anintha this year with first production in 2019-2020." https://www.pressreader.com/australia/the-west-australian/20180109/282007557785542

Hats off to Vince for his dedication and good luck to bringing AVL forward.