Ann: Presentation to Bell Potter Unearthed Conference, page-23

You are right; they were warned and warned and warned. After A4N was inundated with spam from those holders, I read all the company anns going back 3/4 years and concluded that there was nothing worth investing in at FYI.

There was nothing to their process; the three pilot plant runs before their Alcoa MOU only produced a mix of 3N and 4N. It was a process developed by a third party, Independent Metallurgy Operations', there are no patents; the process was pretty much the same as the previous Kaolin play hopefuls. They have no IP worth anything.

Then there was the comedy - remember when they announced a monthly subscription to some ESG software for $100 a month? Or last month, when they signed up for the UN Global Compact - a voluntary organisation anyone can join - the UN even write the application letter for you. WTF!

A4N has had delays, but for years it's had excellent comms, monthly updates without fail, quality management ticking boxes, and lots of transparency around what was happening - yet those guys choose to invest there? I still don't understand it - but we all make mistakes, and I've made my share and will again, no doubt.

Leaders in fields are leaders for a reason, and IMO - A4N is where it's at for HPA.

Good luck all.