Ann: Extension of Closing Date - Retail Entitlement Offer, page-54

For all of the reasons they already did Phantom. It is the situation with the 'Blazing Furnace' anti-corruption drive in Vietnam which has led to your "logical profit focus entity/ instos/ person" becoming a little more hesitant to invest in Vietnam across many different, in fact likely all sectors recently, especially since 2022. The business case for Ta Khao is solid and it always will be because it can compete with dirty Indonesian laterite nickel in every way from cost of production to fighting climate change by being the greenest nickel in the world. The game of thrones in Vietnam looks set to continue until 2026 when they have their next party meeting to decide who will fill the empty seats at the Communist Party table, will it take that long before Vietnam regains it's place as an attractive destination for investment or will there be a catalyst in the meantime. That is the question.