Ann: Q4 FY2022 Trading Update, page-6

these guys over promise, and under deliver....consistently (and to release this on the Friday close....last year they did a FY update on the 5th of July!).

So all through the last 9 mths, they have been talking about the POV which was incorporated with the fire detection system and that was the deal that was progressing through purchasing approvals and was expected to be signed by FY2022 year end and now that has been now pushed out to "be finalised over the remainder of the 2022 calendar year".

Thinking out aloud, I really need to rethink holding this......look at the statements from mgmt just over the last 12 mths (forget what they promised prior to that .....stemming back to 2019). This should be screaming red flag to me.......decision time over the weekend I think

A reminder from 5th July 2021:
In addition to COVID-19 impacts on Aura IQ Proof of Value (POV) trials, the Company has seen internalapproval delays for the deployment of Aura IQ products. These internal approval delays are related to industryportfolio re-balancing and corporate activity of some of the global mining companies involved. Management remainsconfident of meaningful revenue for Aura IQ sales in FY2022 starting in Q1 FY2022 as a result of the success of thePOV trials.

28th Oct 2021:
With the reopening of borders and several growth initiatives underway, the Technology Division is well positioned for growth in 2H FY2022:
Generation of meaningful revenue from the partial conversion of the $50m sales pipeline (3-year value) for the Aura-IQ systems which are being commercialised via the “Proof of Value” program

22 Dec 2021:
The Company continues to pursue significant commercial opportunities for Aura IQ, a conveyor health monitoring solution for mining houses and bulk material handling facilities. Following completion of successful Proof of Value trials, key customers continue to progress internal approvals for the deployment of the technology. Due to delays in customer approvals, the Company now expects to sign multi-year contracts for Aura IQ in early calendar year 2022.

29 Apr 2022:
As advised in February 2022, FFT has been requested by a global mining company to integrate its advanced conveyor condition monitoring solution with a fibre optic-based fire detection solution. Ava is pleased to advise that the qualification of Aura IQ with the fire detection fibre optic cable was successfully completed by the end of Q3. Based on the successful integration, purchasing approvals within the global mining company have recommenced and are expected to be completed within Q4.