Ann: Ganfeng Shareholder Approval Received, page-35

For any of you that may be concerned the JV may also require FIRB approval from the Australian government, I got confirmation from Mike Anderson.

As an ex-AVZ shareholder, I had bad memories of the FIRB rejecting an investment from Yibin Tianyi (a Chinese company) as it amounted to an ownership exceeding 10% of the company.

Mike confirmed that they had sought multiple sources of advice which all confirmed that FIRB approval was not required for the JV transaction given it is an offshore investment at the project level. Unlike the AVZ example there is no direct shareholding in the listed entity.

Gotta give the FFX team and Macquarie credit for doing their homework and structuring this joint venture the way that they have.