Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-2

"Avenira notes that there has been an increased positive sentiment with regards to the phosphate industry including a doubling of the Moroccan Phosphate Rock Price for 32% grade P2O5 up to September 30, 2021 based on changes to supply and pricing with some effect from recent US Trade Commission rulings over subsidised phosphate imports into the US, increased sentiment with announcements from a major electric vehicle manufacturer announcing last week that they were moving to Lithium Iron Phosphate batteries for standard range electric cars and finally some important strategic offtake arrangements with another listed phosphate company. The Company intends to monitor the Phosphate market while it considers the optimal processing solution for the Wonarah project and considering strategic end users in the fertilizer and battery manufacturing sectors."