Ann: Disclosure Document, page-2

There is no certainty that the results of the Company's due diligence investigations will support the exercise of one or both of these options. In this case, the Company would be required to pursue alternative projects.

The option period under the CRML Option Agreement expires on 23 August 2017. One of the major shareholders of CRML has advised the Company that it will not extend the option period. Further due diligence works are necessary for the Company to determine whether it wishes to exercise the option under the CRML Option Agreement.

Therefore, unless the major CRML shareholders agree to an extension of the option period, it is unlikely that the Company will exercise the option under the CRML Option Agreement.

Another $500k down the drain.