Ann: EGM presentation, page-98

I would like to mention another thing from today's meeting - not sure if interests others. BB made mention and made it very clear, car manufacturers from his discussions when seeking off take agreements don't care about cobalt price or how little or how large the quantity they need to create a battery, they just want it because they need it and in the grand scheme of things, the cost is negligible compared to more pressing issues and other costs. Their main focus that keeps them up at night is Autonomous Driving.

They understand that EV batteries will improve in economics and design in the future however unless in the short-term to medium term it is an exponential beneficial increase in example the improvement of travel distance by 30% or more, no changes will be made to the design and therefore the amount of cobalt used in batteries.

Essentially, if no dramatic improvements to EV batteries (doesn't provide a significant competitive advantage to a car manufacturer), the amount of cobalt used will not alter as to change their car designs to incorporate a newly designed EV battery is very expansive to do for some many reasons.

EV batteries will get better and be more economical in the longer timeframe, but by then the market will be substantially bigger too!

If I missed anything from those that attended, please shout out.

Cheers.