Ann: Merger Presentation, page-567

Yarrabubba is the crown jewel. My view is no amended EPA application that’s why AVL want to merge with TMT.

The funding carrot is a smoke screen for AVL not having their act together on EPA.

What blows my mind is how can AVL consider they are in a funding position with their own EPA application at stage 2.

If you watched the recent AVL presentation you would think they are shovel ready.

There is a massive difference to what is reality for AVL, what they have in their assets as far as ore and what a realistic NPV for their project is.

There is a reason RCF invested in TMT first and actions speak louder than words.