Hi Esteve, Below are some of my thoughts on the quarterly within...

Hi Esteve,

Below are some of my thoughts on the quarterly within brackets thus : [ ]; excerpts from the quarterly are in italics, slightly re-arranged for simplicity and meaning.

My broad conclusion is that progress is steady and thorough; sure, I’d like a whiz-bang announcement or two, but I recognise that that ain’t gonna happen. It appears that we are on the track of supply agreements, not big dollops of generous money – despite several references over time to what certain overseas companies seem to have fall into their willing laps. Supply agreements imply steady revenues, which could build quite quickly as various initiatives come on stream.

Electric Vehicle (EV) Initiatives

The goal of this work is inclusion of Anteo X inEV1’s upcoming “design freeze” towards the end of 2024. Being included in the“design freeze” would see Anteo X incorporated into the batteries for EV1’snext generation vehicles. [Significant steady revenues.]

A further project is commencing with a leading GigaFactory that produces large volumes of EV batteries. The Factory has approachedAnteoTech to assist in their transition to a higher silicon anode. [Not Anteo-X, then? Straight to the heavy duty stuff?]

Consumer Electronics:

· Diversificationfrom electric vehicle batteries [Excellent move, provided the funds support this – see $1.39m grant below.]

· Lowbarriers to adoption [Commercial barriers? Less risk than in the big world of vehicle manufacturing – recall costs lower, and less newsworthy?]

· Typicalbattery performance levels are 80% energy retention after a range of 300-800charge/discharge cycles. [If we’re talking of battery-powered tools, the typical tool will be wearing out after those cycles, I suspect; not so with a vehicle.]

This manufacturer is undertaking an acceleratedvalidation of Anteo X. If this validation is successful, AnteoTechanticipates moving into a commercial partnership with the manufacturer for,initially, the supply of Anteo X with further work anticipated at a later stagefor the development of Ultra-high silicon anodes. [Easing in to going to the hard stuff?]

Another leading manufacturer of batteries for otherconsumer products: Similar to the firstproject, AnteoTech plans to fast track development of the anode with a targetto have production of their next generation batteries within 12 months. [Going straight in!]

The funding (up to $1.39m) under the QCMBTF will supportthe purchase of pouch cell manufacturing and testing equipment to acceleratethe commercialisation of the Ultra-high silicon anode.

Carbon Nano Tube or CNT Projects:

The objective of this CNT manufacturer is to create a newproduct that leverages AnteoTech’s abilities alongside a market leadingmanufacturer to provide a higher performance and cost effective solution. [This take is so different to FerroGlobe’s; the CNT company decided to run with us, and so retain its business, as well as make inroads on its competitors. A win-win for us and them, which of course will provide greater penetration of our technology, and our influence, and consequential revenues.]

Anteo X Production Facility: The Companyexpects the facility to enable further Anteo X development as well asinitial commercialisation activities commencing in Q4 FY2024. [Revenues to commence this quarter? Another order from EV1, perhaps? And SII below?]

Serum Institute of India: The incorporationof AnteoBind into a vaccine manufacturing process, if approved byinternational regulatory bodies, would ensure AnteoBind would be used for thelife of the vaccine which is typically more than 20-years, providing a long-termannuity-style revenue stream for AnteoTech. [Annuity streams – yes, that’s how I see the Life Sciences contributions - not great big buckets, just steady flows from the watering cans.]