Ann: DVP: DVP & ESS Transformational Transaction, page-300

I agree, DVP will likely get the Li out of the ground faster. But by Voting yes we only keep 17% of PD and 17% of whatever other assets DVP has. Voting No we keep 100% of PD. Is 17% of the other assets of what DVP has worth giving up 83% of PD. The market is suggesting that the other assets of DVP may not be that valuable. If PD is the only profitable mine that DVP can develop then basically we give up 83% to get the mine up and running faster. We wouldn’t need to do a capital raising that dilutes us by 83% to develop PD ourselves. The other DVP assets have to be worth something for this deal to make sense for ESS owners. At the moment, based on DVPs share price, I would argue the other assets aren’t worth a Yes vote from me. Note - DVP would still have to do a capital raise to develop PD quickly , or a generous deal with MIN RES, which may be likely.