Ann: Notice of General Meeting/Proxy Form, page-46

The change in structure for Dathcom from SAS to SA was important enough to be made one of the conditions of the deal. (No explanation for why that is so is provided in the Explanatory Material). But someone cared enough to make it a condition. . Dathcom is currently jointly owned by Cominiere, AVZ and Dathomir. I think the someone that cares enough to make it a condition is the beneficial owner of Dathomir.

If that beneficial owner is Zoe Kabila he can have a finger on both sides of the scales (we haven't got the 5% from Dathmoir until we pay for it and we only have one way to pay for it - if the other ways are excluded and restricted away in the terms of the subscription agreement. And if we don't pay for it - we'll still have to pay the final installment on the tenement or they'll revert to Cominiere - hello Kabila and Klaus all over again). A true scales is more in AVZ interests - no fingers is more in AVZs interests.

Once we pay for the 5% though Dathomir (which could be Kabila now richer) still has another 5% which he can swing in support of Yibin (CATL) to be a blocking stake (19.9 plus 5 = 25).

Blocking stakes are value cappers. Blocking stakes (consisting mostly of CATL) keep the Europeans and Americans from being able to acquire the asset if they wanted to.