Ann: Investor Presentation, page-6

This post is my opinion, extracts are factual from the presentation.

I agree Bomber, this is the first time that a director has been upfront and honest with shareholders of AUZ, in my opinion.
The new broom in Michael sweeps clean and is establishing a level of integrity which is refreshing

- The low grades and low resource cut-off grade required at Sconi to make up a 30 year LOM do not support the financials for an MHP production model, hence the pivot to Sulphate to increase the return because the value add helps the economics.
- There is still a need to expand the resource to improve the economic viability, this requires a new exploration focus and back to basics. Very costly.


- Final Investment decision expected in 2026, 4 years from now, there is a lot of work to be completed before then.
- AUZ and Sconi have lost Prescribed Project Status by the Government due to the extended timetable.
- Environmental studies are incomplete.



The funding strategy to date looks to have been misaligned IMO, possibly and more notably as mentioned below. A key requirement for funding is that you meet the lenders requirements, how long has this not been met.


These are the facts and this slide is a more realistic representation of where AUZ is at the moment.
Environmental impact studies will only be completed in December 2025, before that nothing will be built and that is government requirement.
Between now and December 2025 is all the feasibility studies as well, YES AUZ is back to feasibility study status very costly.
The timetable that AUZ shareholders thought was possible has been set back years as shown below and in my opinion.


- I note that Flemington has been abandoned with no mention at this stage, I am not surprised because the economics are not there either, the cutoff grades of 0.24% Nickel are extremely low as shown in previous announcements, extract below.