Ann: Hannans - Expansion to Major European EV Markets, page-18

To my reading HNR are giving all existing SHs a discounted entry to owning a colossus LIB recycling initiative. I am sure HNR & NMT BOD expect all of us existing SHs to buy and really why wouldn't we (personal cash reserves permitting). The terms of the open ended allocation really push and permit this for existing SHs and are rare in my experience. I know the market may think they can get in cheap so there will be some SP volatility, but existing SHs will take the lot on offer IMO. The 19.9% HNR equity Greenhouse gets demonstrates their believe that HNR will deliver in future actions and has reduced the upfront cost to HNR and allows it freedom to negotiate with other JV partners in the respective jurisdictions as they get onboard. Very exciting times ahead and I'm very happy to with existing SHs on this once in a generational change journey. GLTAHs