Ann: Funding Update, page-26

IMO

1. It would not be ASIC doing anything yet because they would not get involved unless ASX referred something to them.

2. The ASX is responsible for auditing announcements to ensure the market is not misled via checking announcements comply to listing rules.

3. It is the company (AVQ) that puts the announcement on the ASX platform probably the company secretary who gets it from probably the MD who is the person responsible for material decisions.

4. ASX will audit red lease and privately contact the company and tell them what they must do to comply if they do something wrong or misleading (same as the mods on this HC)

5. The MD determines strategy on JORC thus Announcements thus risk/reward of the company etc.

6. JORC is for VALMIN thus risk reduction thus finance attraction

7. Obviously a company will generally minimise volume of release for many reasons

8. It appears sufficient pressure has come from somewhere onto the decision maker the MD to increase transparency

9. Pressure could have come from the MD subconscious, the Board who hold ultimate responsibility, substantial shareholder, potential financier, Traxs, or the ASX

10. The fact that they still use “Ore” in their releases which is probably the most fundamental issue to me suggests the pressure is NOT from ASX rather the MD himself

11. Only an internal corporate decision would demand pay reductions. This could be MD himself or the big fish on the Board or the big investors.

Irrelevant to me why, at least it’s happening.

At least it’s positive now they need to be held to account.

The company secretary will have a direct line of daily communication to the ASX rep responsible for their state based listing and ASX releases.

I think the best way to apply scrutiny is to send formal letters (can be emails) to Brent Hoffman (the local rep) with questions on these matters. If poor responses or none then present this pile of letters at GM

If no answers then armed with this proof (the company is required to continuously monitor the industry for issues that create an uninformed or misled market and announce to fix it

I don’t know how to contact ASX but the simple question to them of how come AVQ can use “Ore” which is specifically only for a feasible project as determined by an externally completed VALMIN study from JORC Reserves which goes to the heart of all these issues.

If I was Incor or Traxys or a professional or mum and dad investor, and the company had multiple leases over tome under the general project umbrella of the Isabel Nickel project and had a JORC on one and kept using “Ore” then I might just either believe it or not understand it and then invest either out of faith or roll of dice or even corporate greed via hand balling the requirement for DD.

KRUM