Ann: Placement, page-66

Yes, but on a "Positive "note,

Why is AVZ raising funds?

These funds will be used to accelerate the advancement of the Tier 1 Manono Lithium and Tin Project in the Democratic Republic of the Congo.

This includes progressing towards a final investment decision for the commencement of project development.

In addition, the company intends to use some of the funds to increase its interest in the project to 75% from 60%.

AVZ’s Managing Director, Nigel Ferguson, said: “The capital raising marks an important milestone in our journey to develop the Manono Project, providing AVZ with the required funds to increase the Company’s stake in the Project and secures the necessary working capital to commence the early capital works program.”

“Increasing AVZ’s equity stake to 75% of the Manono Project adds significant value to AVZ shareholders, including the possible option to attract strategic cornerstone equity partners at the project level, which will assist to de-risk and potentially accelerate Manono’s development.”

“The placement also assists our financing discussions, providing capital for up-front debt finance establishment costs, ensuring minimum liquidity requirements are met, whilst providing debt financiers with confidence from seeing a transition to a larger, supportive non-retail shareholder base, providing AVZ with a solid foundation from which to negotiate favourable terms,” he added.