Ann: Results of General Meeting, page-38

According to the annual reports from 2016 (when an initial 6,500,000 shareholding appeared) until now, IMO, a large majority of the FFX shares (i.e. all except the 750,000 performance shares vested in 2021) were from on market purchases or from options purchased and exercised and still holding 12,000,000.

The original 10,100,000 LLL shares (now 8,000,000) likely arose from the FFX shareholders' pro-rata entitlement to Leo Lithium shares on demerger and therefore a result of accumulated investments in FFX (& it's earlier incarnations) over the years culminating in around 14 million FFX shares at demerger.

The selling of a combined approx $5 million worth of shares in FFX and LLL over the last 2 year period seems reasonable in the context of having accumulated them them over around a 7 year period.