Ann: Investor presentation, page-210

The term lifestyle companies gets thrown around a lot - I suppose it depends on your definition.

For me a lifestyle company would broadly be defined as a company where very little is happening and shareholders funds are being drained with no appreciable attempts to advance the company - often accompanied by a lack of information and no real strategy.

Is AUZ a lifestyle company?

• The company has a portfolio of reasonable projects
• The company has identified one of those projects as its prime focus - Sconi and has worked to develop it
• The company got an offtake from one of the biggest battery manufactures in the world -SKI which unfortunately didn't progress
• The company then got another offtake from LGE a bigger manufacturer than SKI - they could not meet the funding condition so have advanced discussions to seek to restructure the LGE relationship
• The company replaced the former MD with a new one with a good track record who has come up with a new strategy and presumably convinced LGE to enter into discussions re a restructured deal based on that strategy.

AUZ is a high risk investment - no argument from me there,

CRs have occurred to raise funds to fund development, to try to lock in an offtake, presumably to try to obtain funding, to keep the doors open etc etc etc yes directors have taken fees - but ultimately that is the story of many explorers trying to transition to a mining project some make it and some don't that is the risk investors in this end of the market take.

If you think AUZ is a lifestyle company by whatever definition you apply to companies to reach that conclusion fair enough - clearly many have not reached that conclusion at this stage and no doubt some of the forum will agree with you.

If the negotiations fail with LGE - and the Board sits back with no fall back strategy and just takes fees while cash drains away then I will agree with you but right now I think enough is being done to say the Board / Management are committed to getting a deal across the line and not just sitting back running a charade just to pull in Directors fees.